State Street Pays $5M To Escape OFCCP Pay Bias Action

Law360, New York (October 4, 2017, 6:22 PM EDT) -- Asset management giant State Street Corp. has agreed to pay $5 million to more than 300 black and female executives to settle allegations by the Office of Federal Contract Compliance Programs that it pays them less than their white and male counterparts.

The deal, signed on Sept. 29 but filed on OFCCP’s website on Wednesday, comes after the OFCCP told State Street in March that analysis of pay data at its Boston headquarters showed “statistically significant” disparities in pay between male and female workers and black and white workers “even when legitimate factors affecting pay were taken into account.” OFCCP audits...

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