Firm Behind ‘Fearless Girl’ Paying $5M Settlement to Underpaid Female Execs

In spite of the media’s love for the “Fearless Girl” statue that faced down the famous Wall Street “Charging Bull,” it turns out the company behind the statue may not be isn’t so women-friendly as it claimed.

Mediaite reported on Oct. 6, that the company behind the statue agreed to pay $5 million in back pay to allegedly underpaid women and minorities.

AdWeek elaborated about the U.S. Department of Labor’s audit of State Street Corp. from 2010 and 2011.

“The audit concluded that, since ‘at least December 1, 2010,’ the company had discriminated against women in senior-level roles like vp, svp and managing director by paying them lower base salaries, bonuses and total compensation than their male colleagues,” AdWeek’s senior editor Patrick Coffee wrote. Some black employees were similarly discriminated against, according to auditors.

While State Street issued an official denial, they reached a $5 million settlement of back pay and interest for 315 employees.

The networks, especially CBS were huge fans of the defiant, girl statue which was supposed to celebrate women in leadership, encourage more female executives — and of course, cleverly advertise for the company. Rather than denounce it as “pinkwashing,” network reports called it a “symbol,” a “sensation,” and female empowerment, without caring it was a corporate advertisement for a State Street Global Advisors exchange traded fund.

CBS This Morning co-host Gayle King was excited when the statue was permitted to stay through 2018, saying, “I love her, I think it’s great.” That show also downplayed opposition to the statue’s location from “Charging Bull” creator Arturo DiModica.

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Business Coverage CBS CBS This Morning Gayle King
Julia A. Seymour's picture