Goldman Sachs Wants 401(k) Class Action Trimmed by 2,955 People

Goldman Sachs Group Inc. wants a 17,575-person class action challenging the company’s $7.5 billion 401(k) plan trimmed to remove class members who signed separation agreements requiring them to arbitrate their claims, a motion filed in Manhattan federal court shows.

The certified class includes 2,955 people who received valuable severance benefits in exchange for their agreement to arbitrate any dispute arising out of their employment, Goldman told the U.S. District Court for the Southern District of New York. Goldman wants these people excluded from the class and compelled to arbitrate their claims.

Goldman says that since 2004, its standard separation agreements ...