Pension Fund Sues Goldman Over Bonuses
December 15, 2009
A pension fund has sued Goldman Sachs Group Inc. for its use of bonuses to employees during the first nine months of the year. The lawsuit was filed in state court in New York.
The Security Police and Fire Professionals of America Retirement Fund say Goldman's board breached its fiduciary duties by awarding employees $16.7 billion in bonuses, and did not act in the best interests of the company and its shareholders.
A spokesman for Goldman Sachs called the suit "entirely without merit."
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