NY Pension Funds Push Goldman, JPMorgan On Clawbacks

Law360, New York (December 21, 2011, 7:49 PM EST) -- New York's pension funds have lodged shareholder proposals with JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley urging the banks to toughen their clawback polices to increase executive accountability, the city's comptroller said Wednesday.

Morgan Stanley, Goldman and JPMorgan were selected because of their size and because they had each been scrutinized for improper practices leading up to the financial crisis, according to a statement from Comptroller John Liu, who added that each firm had coughed up more than $100 million over the...
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