Pension Fund Slaps Goldman Sachs Over Bonuses

Law360, New York (December 14, 2009, 6:38 PM EST) -- The pension fund for the largest U.S. security and police union has accused Goldman Sachs Group Inc.'s board of directors of paying record-setting bonuses in 2009 based on an influx in funds from government aid programs rather than on the work of its executives.

The suit — lodged in New York state court by the Security, Police and Fire Professionals of America Retirement Fund — claims that the board members violated their fiduciary duty to shareholders because they didn't administer Goldman Sachs' compensation plans with the...
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