Mastercard has agreed to settle a discrimination lawsuit impacting its minority employees.
According to a press release, the fintech company had allegedly been underpaying its female, Black, and Hispanic employees. The class-action lawsuit — which was filed in the U.S. District Court for the Southern District of New York — claims 7,500 employees in job levels 4-10 across the United States dating back to September 2016 were impacted. Details in the lawsuit share that the women and people of color received less compensation for conducting equivalent work to their male and white counterparts, the New York Times reports.
The major fintech company had agreed to pay a $26 million settlement prior to the lawsuits filing on Jan. 14, 2025. The settlement now awaits approval from the court.
“We are very pleased to have reached this nationwide settlement with Mastercard, which we believe represents a fair compromise,” Cara E. Greene, partner at Outten & Golden LLP and lead counsel for the plaintiffs, said in the news release. “Importantly, the non-monetary terms of the settlement will help ensure that Mastercard maintains an equitable workplace for the thousands of women and people of color it employs. Settlements like this help to level the playing field and move the entire industry closer to pay equity.”
Mastercard spokesperson Seth Eisen said the company “strongly” denies the allegations but is “committing to continue to support and deliver for our employees,” according to The New York Times.
“We strongly deny the allegations in this litigation and believe it is in the best interest of all involved to bring this matter to a close,” a statement from Mastercard read, according to Payments Dive. “That allows our teams to place their focus on what’s important to them, so together we can ensure Mastercard continues to be a place where the best want to work and grow.”
