Last week, Goldman Sachs announced that the experiment wherein upper management acted like it cared what shareholders think, validated their feelings, took out the trash without having to be asked and so on and so forth was over. Not sure if The International Brotherhood of Electric Workers missed it in the 10-K or if they saw it and thought Lloyd and Co were just JK'ing (we assure you: they were not!) but here we are.
The fund has filed a lawsuit in Delaware Chancery Court, seeking to recover money for the company on behalf of other shareholders. It seeks to stop Goldman from allocating roughly 47 percent of 2009 net revenue as compensation, saying such allocations "vastly overcompensate management and constitute corporate waste." The lawsuit also wants Chief Executive Lloyd Blankfein and others in management, rather than shareholders, to be responsible for charitable contributions that Goldman is making as a an apology for its activities.Goldman spokesman Ed Canaday said: "We believe the lawsuit is completely without merit."