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Goldman Sachs unit settles Labor Department's pay bias charges

Goldman Sachs & Co. LLC agreed to pay about $10 million to settle the U.S. Department of Labor's findings of race- and gender-based compensation discrimination.

The company will voluntarily provide make-whole relief for approximately 600 affected workers at its corporate headquarters in New York City, as well as assuring that all employees corporate-wide are afforded equal employment opportunities.

As part of the agreement, Goldman Sachs committed to developing functional affirmative action programs by revising its current affirmative action programs to be based on business function rather than establishment.