Goldman Partner's Sexually Explicit Video Led to Millions in Settlement

Goldman Sachs has said improving gender diversity in its top ranks is a key priority and has grappled with a legacy of some women feeling unwelcome.

In a separate matter, the firm last month settled one of the biggest class-action lawsuits over gender discrimination in Wall Street history. And in November, Bloomberg reported on an eight-figure settlement with a female partner who accused senior executives of fostering a toxic workplace culture.

Dell’s Career

Dell, a longtime venture capitalist, arrived at Goldman Sachs in 2018 when the Wall Street bank acquired a personal-finance app he had founded, Clarity Money, to expand in consumer banking. He joined as a partner — a rare feat at Goldman — and worked on furthering its foray onto Main Street.

After the incident, the woman hired a lawyer who sought about $30 million on her behalf, citing the content of the video and the likelihood of damage to her career, the people said.

Dell ultimately reached an agreement for a much smaller amount that was described as a multi-million dollar settlement by people with knowledge of the pact.

The people who described the video and its aftermath asked not to be named discussing the confidential matter. Bloomberg is not naming the woman involved in part because she never went public with her complaint.

Across Wall Street, there’s a wariness of how past claims of mistreatment have been handled, said Arjuna Capital’s Natasha Lamb, a prominent activist investor focused on social issues.

“I don’t expect a company to put out a press release with every sexual harassment complaint,” she said. “But as an investor, I would expect an annual report about the number of incidents, and how it was handled, and that it wasn’t just brushed under the rug.”

Adam Dell (Photo: Bloomberg)