State Street Corp (NYSE:STT), the firm behind the Fearless Girl statue, is paying a fine for underpaying women.
News of the fine for the company behind the Fearless Girl statue was made public in an announcement by the U.S. Department of Labor. This includes an agreement that will have State Street Corp paying roughly $5 million to employees that were underpaid.
The fine that State Street Corp is facing includes $4.5 million in back pay for its employees. It will also include $507,000 in interest. The announcement from the U.S. Department of Labor says that the issues with its unequal pay extends back to Dec. 1, 2010.
State Street Corp denies that it paid employees less based on gender, age or race. The allegations from the U.S. Department of Labor claim that the company paid 305 female employees less than male counterparts in the same positions. It also says that the company paid 15 black employees less than white employees in the same roles.
The irony of the allegations against State Street Corp aren’t lost here. The company was responsible for the Fearless Girl statue that now stands in front of the Charging Bull at Wall Street. The statue was set up back in March for International Women’s Day.
The Fearless Girl was originally only supposed to stay up until April of this year, but will now be sticking around until International Women’s Day 2018. When first put up, the firm said the statue represents “the power of women in leadership, and the potential of the next generation of women leaders,” reports The New York Times.
As of this writing, William White did not hold a position in any of the aforementioned securities.