Fund behind Fearless Girl statue settles unequal pay suit with $5m payout
New York — Defiantly facing off against Wall Street’s iconic Charging Bull, the popular bronze sculpture of a Fearless Girl was meant to symbolise the power of female leadership in the male-dominated world of high finance. But the investment firm that commissioned the statue agreed on Thursday to a $5m payout to more than 300 female and black employees who were paid less than their white, male counterparts, according to an audit by the US Office of Federal Contract Compliance Programs (OFCCP). According to a filing seen by AFP, the investigation found that the company "since at least December 1 2010" paid 305 women in senior roles such as senior vice-president, MD and vice-president positions less than similarly situated men, with similar discrimination against 15 black vice-presidents. State Street denied both allegations but agreed to the settlement nonetheless. "State Street is committed to equal pay practices and evaluates on an ongoing basis our internal processes to be sure ou...
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