Goldman Sachs Sued By (IBEW Union) Big Pension Fund Over (Exec) Pay

in Gold Gold Bullion prices by admin — March 9, 2010 6:39 pm | no comments

Goldman Sachs Group Inc (GS.N) was sued on Monday by a large union pension fund that accused the Wall Street investment bank of overpaying its executives. The International Brotherhood of Electric Workers fund filed the lawsuit in Delaware Chancery Court, seeking to recover money for the company on behalf of other shareholders. It seeks to stop Goldman from allocating roughly 47 percent of 2009 net revenue as compensation, saying such allocations “vastly overcompensate management and constitute corporate waste.” The lawsuit also wants Chief Executive Lloyd Blankfein and others in management, rather than shareholders, to be responsible for charitable contributions that… Original Article: Forum: News/Activism

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Goldman Sachs Sued By (IBEW Union) Big Pension Fund Over (Exec) Pay

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