Bloomberg writes that Goldman Sachs Group Inc. won dismissal of suits over employee bonuses filed in New York by shareholders who called the awards a waste of assets.
Security Police & Fire Professionals of America Retirement Fund and Judith A. Miller sued the investment bank in December 2009, accusing directors and executives of breaching their fiduciary duties by reserving half of the company’s net revenue for employee compensation. Shareholders Ken Brown and Central Laborers Pension Fund filed similar suits the following month.
New York State Supreme Judge Bernard J. Fried ordered the lawsuits dismissed on Sept. 21, according to court documents filed today. The plaintiffs agreed to the dismissal in January 2010, after New York-based Goldman Sachs said its ratio of compensation and benefits to net revenue for 2009 was its “lowest as a public company…,”
Find out more at http://www.businessweek.com/news/2011-09-26/goldman-sachs-wins-dismissal-of-lawsuits-contesting-bonuses.html
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