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CENTRAL LABORERS v. BLANKFEIN

9441, Index No. 600036/10.

111 A.D.3d 40 (2013)

971 N.Y.S.2d 282

2013 NY Slip Op 5857

CENTRAL LABORERS' PENSION FUND, Appellant, v. LLOYD C. BLANKFEIN et al., Respondents, et al., Defendants.

Appellate Division of the Supreme Court of New York, First Department.

Decided September 17, 2013.

Attorney(s) appearing for the Case

Grant & Eisenhofer, P.A., Wilmington, Delaware ( Michael J. Barry of the Minnesota bar, admitted pro hac vice, of counsel), Grant & Eisenhofer P.A., New York City ( Jay W. Eisenhofer of counsel), and The Grant Law Firm, PLLC, New York City ( Lynda J. Grant of counsel), for appellants.

Sullivan & Cromwell LLP, New York City ( David M.J. Rein and Matthew A. Peller of counsel), for respondents.

ANDRIAS, J.P., ACOSTA, FREEDMAN and CLARK, JJ., concur.

OPINION OF THE COURT

FRIEDMAN, J.

This putative shareholder derivative action — which plaintiffs commenced without making a pre-suit demand for a reduction in employee compensation on the board of nominal defendant the Goldman Sachs Group, Inc. (GSG), a Delaware corporation — was based on plaintiffs' prediction that GSG would announce excessive employee compensation for 2009. The first of the...

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