Goldman Sachs has agreed to pay $215m to settle a class-action lawsuit with a large group of former and current female employees, ending a long-running case that alleged the Wall Street bank systematically discriminated against women.

For the next three years, the US bank will have an independent expert analyse how it evaluates its employees’ performance, and how it elevates staffers from junior to senior positions, according to a statement late on 8 May that detailed some of the settlement terms. An independent expert would also do pay-equity studies to address any gender pay gaps.