Firm behind Wall Street's 'Fearless Girl' to pay $5 million in gender-pay dispute
By Mike Murphy
State Street settles Labor Department allegations involving more than 300 women
State Street Corp., the investment company that commissioned the "Fearless Girl" statue on Wall Street, has agreed to pay $5 million to settle allegations it discriminated against hundreds of female employees.
According to the U.S. Labor Department, the Boston-based company, which manages about $2.5 trillion, paid more than 300 women in top leadership roles less that it paid men in comparable positions. The women received less base salary, bonus pay and total compensation, going back to at least 2010, the government said. The Labor Department also said some black employees were paid less than comparable white employees.
State Street (STT) denied the allegations, according to a Labor Department filing (http://src.bna.com/s55), but will provide back pay, with interest.
Bloomberg News first reported (https://www.bloomberg.com/news/articles/2017-10-05/bank-behind-fearless-girl-statue-settles-u-s-gender-pay-dispute?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social)the settlement, and noted State Street has been a vocal advocate of companies adding women to their boards, although it has repeatedly voted against gender-pay-related shareholder proposals.
In March, State Street Global Advisors installed the "Fearless Girl" statue on International Women's Day in front of Wall Street's "Charging Bull" statue. State Street said the statue was intended to promote "gender diversity in corporate leadership roles." (http://www.marketwatch.com/story/wall-street-bull-artist-calls-bs-on-fearless-girl-statue-2017-03-20)
The statue is scheduled to be removed in February 2018 (http://www.marketwatch.com/story/fearless-girl-statue-will-stay-on-wall-street-until-2018-2017-03-27).