Goldman Settlement of Investor’s Board-Pay Claims Rejected (2)

A bid by Goldman Sachs Group Inc. to settle a lawsuit over how much it pays directors was rejected by a judge who said that simply making changes in corporate governance didn’t provide enough benefit to the firm.

The investment bank’s willingness to disclose more about its executive-compensation plan and its hiring of a consultant to review directors’ pay packages weren’t enough to justify extinguishing the investor’s claims, Delaware Chancery Court Judge Sam Glasscock III concluded Oct. 23.

“In return for a release of the monetary claims against them, the director defendants give up nothing,’’ Glasscock wrote in his decision. ...