Goldman Sachs Group Inc, which was criticized for allocating US$16.7 billion to pay employees for the first nine months of the year after receiving money from a government bailout program, was sued by a pension fund, according to a statement by the fund.
The Security Police and Fire Professionals of America Retirement Fund said that Goldman Sachs’ board breached its fiduciary duties by failing to administer bonus plans in the best interests of the company and its shareholders.
The lawsuit, which could not be immediately confirmed with court officials, was filed on Monday in state court in New York, the statement said.
The pension fund claims the total employee payouts for this year are estimated to be more than US$22 billion including bonuses. The payments are based on “a US$1 trillion investment made by the American taxpayers” to stabilize the financial industry, not on the efforts of Goldman Sachs’ employees, the fund said in the statement.
Lucas van Praag, a Goldman Sachs spokesman, said, “We think the suit is entirely without merit.”
The US$16.7 billion payout would be 47 percent of revenue. The firm has traditionally paid from between 40 percent and 50 percent of the firm’s annual revenue to employees.
The lawsuit argues that such a calculation doesn’t take into account other factors that contribute to the firm’s revenue, including financial support from the US government last year.
EFFICIENCY: The rules for Philippine arrivals were revised after 17.6% of arrivals with symptoms tested positive, compared with 0.7% of those with no symptoms Starting today, Chinese spouses who hold a reunion permit can apply to enter Taiwan and travelers without symptoms from the Philippines do not need to be tested for COVID-19 upon arrival, but are to be tested after a 14-day quarantine, the Central Epidemic Command Center (CECC) said yesterday. Minister of Health and Welfare Chen Shih-chung (陳時中), who heads the center, said that from today, Chinese who are married to a Taiwanese citizen and hold a reunion permit can apply to the National Immigration Agency for entry into Taiwan. Chinese who are married to a foreign national and hold an accompanied reunion permit
PENGHU INSPECTION: Taiwan cannot let its enemies strut around in its airspace, Tsai said, one day after a Chinese spokesman denied a median line exists in the Taiwan Strait Following China’s assertion on Monday that there is no “median line” in the Taiwan Strait, President Tsai Ing-wen (蔡英文) yesterday pledged to defend the nation’s airspace during a visit to an air force base in Penghu, saying that Taiwan cannot allow others to flex their military muscle in its territorial airspace. Tsai praised the “heroic performance” of the pilots of the Indigenous Defense Fighters who have been intercepting Chinese People’s Liberation Army Air Force planes in recent days. “I have a lot of confidence in you. As soldiers of the Republic of China [ROC], how could we let enemies strut
CONSOLIDATION? Taiwan Thinktank deputy executive-general Doong Sy-chi said Beijing’s intimidation tactics are further alienating those who identify as Chinese Only 2 percent of respondents to a poll on constitutional amendments and national identity identified as Chinese, while 62.6 percent identified as Taiwanese, the Taiwan Thinktank said yesterday. Legislators have proposed amendments to the Additional Articles of the Constitution (憲法增修條文), which would change the definition of the nation’s territory, remove the Taiwan Provincial Government as an entity, prioritize the use of “Taiwan” for national groups at international events, and remove restrictions on defining the national emblem, national flag and national anthem. The poll showed that 80.5 percent of respondents agreed that the nation should participate as “Taiwan” at events organized by world
MISTAKE: The Global Covenant of Mayors for Climate and Energy is not a UN body, and the government is committed to protecting the nation’s name, Joseph Wu said The Ministry of Foreign Affairs yesterday condemned the Global Covenant of Mayors for Climate and Energy for listing Taiwanese cities as belonging to China on its Web site, and asked that it correct the error. The organization was inaugurated in Brussels in 2016 as a global coalition of mayors committed to reducing greenhouse gas emissions. Six Taiwanese cities at the time joined the coalition as cities in “Taiwan,” the ministry said. However, officials from the Kaohsiung City Government — one of the organization’s members — last week noticed that the city was now listed on the organization’s Web site as a