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Securities

Goldman Sachs offer pay cut to end investors suit

Goldman Sachs Group Inc. agreed to cut pay for some board members to settle a shareholder lawsuit alleging the bank’s compensation plan was too generous.

It’s the second attempt by Goldman Sachs to settle the 2017 Delaware Chancery Court suit after a judge rejected its first offer to make corporate-governance changes related to pay plans.

Under the current offer, Goldman Sachs would limit the annual pay of non-employee directors to no more than $475,000 over the next three years and disclose the change to stockholders, according to court filings. The payment can be made in cash or restricted stock grants.

Read the source article at Bloomberg.com

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