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Union Pension Sues Goldman Sachs

A large union pension fund has figured out a way to do more than just criticize investment banks for overpaying its executives. The International Brotherhood of Electrical Workers pension fund filed a lawsuit against Goldman Sachs Monday, trying to prevent the Wall Street giant from allocating around 47 percent of 2009 net revenue as compensation. The suit says such allocations "vastly overcompensate management and constitute corporate waste," particularly after the bank took government-bailout funds in 2008. The union hopes to recover more money for shareholders that have invested in the company.