Racism

The Firm Behind ‘Fearless Girl’ to PAY a $5 Million Settlement — Over Gender Pay Discrimination

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Boston-based State Street, behind Fearless Girl, the statue of a young woman challenging Wall Street’s Charging Bull, has agreed to a $5 million settlement over allegations that it paid female employees less than their male counterparts.

fearless-girl

The finding are based on an analysis the agency ran at the firm’s Boston headquarters in December 2012, which concluded that pay disparity dated back to “at least December 1, 2010, and continuing thereafter.” The DOL first notified State Street of its allegations in March, soon after Fearless Girl was installed on Wall Street.

The firm disputes the government’s findings and shared the following statement with Fortune:

“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.”

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