Bloomberg Law
June 4, 2021, 11:44 PM

Goldman Folds to Pressure on Arbitration Secrecy Stance (2)

Sridhar Natarajan
Sridhar Natarajan
Bloomberg News
Max Abelson
Max Abelson
Bloomberg News

Goldman Sachs Group Inc. reversed its stance on disclosing the effects of forced arbitration after an embarrassing vote at its annual investor meeting.

The bank plans to support a shareholder proposal it previously opposed that required the firm to prepare a report on how mandatory arbitration affects staff and the workplace. The initiative attempted to chip away at a longstanding Wall Street practice of keeping harassment complaints confidential.

The change of heart comes after the proposal backed by former Fox News anchor Gretchen Carlson, an early figure in the #MeToo movement, received almost half the votes despite Goldman’s opposition. ...

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