Goldman Off The Hook For $5M Atty Fees In Shareholder Suits
By Kathryn Brenzel
Law360, New York (September 17, 2013, 5:21 PM ET) -- A New York state appellate court said Tuesday that Goldman Sachs Group Inc. management isn't responsible for $5 million in attorneys' fees in three dismissed shareholder suits over allegedly excessive employees' bonuses, ruling the plaintiffs' failure to submit a presuit demand was fatal to their request for reimbursement.
The five-judge panel affirmed a lower court's 2011 ruling that the allegations made in the three consolidated derivative complaints were too weak to warrant awarding attorneys' fees. The shareholders had “no excuse” for failing to make a presuit...