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...
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