Goldman Sachs Group won dismissal of suits over employee bonuses filed in New York by shareholders who called the awards a waste of assets, according to court documents filed Monday.
The $5.8 million Security Police and Fire Professionals of America Retirement Fund, Roseville, Mich., was a co-plaintiff in a lawsuit against the investment bank in December 2009, accusing directors and executives of breaching their fiduciary duties by reserving half of the company’s net revenue for employee compensation. Other shareholders including the $814 million Central Laborers Pension Fund, Jacksonville, Ill., filed similar suits the following month.
New York State Supreme Court Judge Bernard J. Fried ordered the lawsuits dismissed on Sept. 21. Mr. Fried denied the plaintiffs’ request for attorney fees and expenses.