Do you remember the “Fearless Girl” statue staring down the Charging Bull on Wall Street? Since it’s installment, “Fearless Girl” has stood as a symbol of female equality and empowerment, which is why some find it a bit ironic that the firm behind it, State Street, is set to “pay millions of dollars to women employees who say it treated them unfairly.” Some of the allegations, in particular, came from female employees who claim they were paid “less than their male counterparts.”
Do you remember the “Fearless Girl” statue staring down the Charging Bull on Wall Street? Since it’s installment, “Fearless Girl” has stood as a symbol of female equality and empowerment, which is why some find it a bit ironic that the firm behind it, State Street, is set to “pay millions of dollars to women employees who say it treated them unfairly.” Some of the allegations, in particular, came from female employees who claim they were paid “less than their male counterparts.” But what is State Street, and how much will they be paying, exactly?
For starters, State Street is an “asset management firm” that was actually responsible for installing the famous statue. In total, the company will pay $5 million for paying “women in top leadership roles less than men in similar positions.” Additionally, the lawsuit against State Street alleges “the company paid some of its black executives less than white executives in the same role.”
The lawsuit itself was filed by the Department of Labor (DOL), which learned about the pay disparity after it conducted an analysis “at the firm’s Boston headquarters in December 2012.” In the analysis, the agency found that the “pay disparity dated back to at least December 1, 2010, and continuing thereafter.” Earlier this year the DOL informed “State Street of its allegations.”
One can only imagine the awkward position the DOL’s allegations put State Street in, especially considering the fact that it has, on occasion, demonstrated strong support for women’s empowerment very publicly. In fact, it’s decision to install the “Fearless Girl” statue was made in part, “as a promotion for SHE, a State Street exchange-traded fund that invests only in companies committed to gender diversity.” Additionally, the firm has even issued announcements “that it would vote against corporate boards that did not take serious steps to improve their gender diversity” and “instituted company-wide goals aimed at establishing gender parity in its management ranks.”
So what does State Street have to say for itself? Well, so far it is disputing the DOL’s findings and issued the following statement:
“State Street is committed to equal pay practices and evaluates on an ongoing basis our internal processes to be sure our compensation, hiring, and promotions programs are nondiscriminatory. While we disagreed with the [DOL’s] analysis and findings, we have cooperated fully with them, and made a decision to bring this six-year-old matter to resolution and move forward.”
Sources:
Firm Behind ‘Fearless Girl’ Statue Underpaid Women, U.S. Says
Company that created iconic feminist statue just settled the most ironic lawsuit possible
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