Goldman Sachs sued over bonuses

Lawsuit filed against the investment bank for paying out bonuses during bailout.

    Activists have protested against the bonuses paid out to Goldman Sachs employees [File:GALLO/GETTY]

    But Ed Canaday, the Goldman Sachs spokesman, said in a statement that "the suit is completely without merit".

    Bailout repaid

     

    In June last year, the New York-based bank repaid the bailout money to the government.

    Goldman received the government funds in October 2008 as part of the Troubled Asset Relief Programme (Tarp), a US government plan which provided banks with capital in exchange for preferred stock and warrants to purchase common shares.

    The programme was launched after the Lehman Brothers investment bank collapsed and insurer American International Group needed a government bailout to remain in business.

    The government investment included certain restrictions, such as caps on executive compensation, but these ended when Goldman Sachs repaid the $10bn.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.