Attorneys for investors who sued Goldman Sachs over bonuses the bank planned to distribute after it received government bailouts, and then dropped the suit when the bonuses were reduced, have been rebuffed in their attempts to win fees for their role in the litigation.
In Central Laborers Pension Fund v. Lloyd C. Blankfein, 600036/10, Manhattan Supreme Court Justice Bernard J. Fried (See Profile) ruled, in effect, that even if the investors had not agreed to dismiss their suit, it should have been dismissed anyway. As a result, he said, the investors could not claim credit for Goldman’s change in policy, and their counsel, including Grant & Eisenhofer, could not claim attorney’s fees.
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