Shareholder Accuses Goldman Of Overpaying Execs

Law360, New York (March 20, 2007, 12:00 AM EDT) -- Wall Street firm Goldman Sachs Group has been hit with a shareholder lawsuit alleging the bank overpaid executives and misreported the value of stock options given as bonuses.

The lawsuit, filed on Friday by shareholder Jeffrey Bader in district court in Manhattan, alleges that Goldman underreported the value of the salary and bonuses paid to CEO Lloyd Blankfein.

The complaint claims Goldman disclosed that Blankfein’s 2006 pay totaled $54.7 million, when in reality the total was $60.2 million. The suit attributes the discrepancy in pay to...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.