Firm Behind 'Fearless Girl' Statue Underpays Female Execs, Feds Say

FINANCIAL DISTRICT, NY — The financial firm behind Manhattan’s “Fearless Girl” statue will pay $5 million to settle discrimination claims from from more than 300 female employees.

State Street was found to have underpaid both female employees and black employees in upper management, according to a federal review. State Street paid women in senior management positions less money than men in comparable positions, according to a review by the U.S. Department of Labor. The federal government said that State Street also underpaid black employees in vice president positions, compared to white employees in the same positions.

The deal was signed on Sept. 29, but wasn't uploaded to the Department of Labor's website until this week, Law 360 was first to report. State Street does not admit to the federal government’s findings as part of the settlement.

The settlement will be paid to 305 women in different management positions at State Street as well as 15 black vice presidents. The settlement includes back pay and interest, according to the terms of the settlement released by the federal government. (For more information on this and other neighborhood stories,

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State Street Global Advisors installed “Fearless Girl,” a small bronze statue of a defiant girl, across from Wall Street’s iconic “Charging Bull” statue this year. The girl was installed in March on the eve of International Women’s Day, as part of State Street’s call-to-action for public companies to have more women on their board.

Although the Fearless Girl quickly became a tourist sensation, her popularity was followed by a quick backlash. Some critics questions why a company with just five women on their 28-person leadership team was calling for great gender equality from other Wall Street companies.

Fearless Girl is a temporary statue, scheduled to stay in place through February 2018, although several New York City politicians have called for the statue to remain in place permanently.

Image credit: Drew Angerer / Staff / Getty Images News