Goldman Sachs ( GS) reached a deal with a leading union pension fund to appoint a "lead" director, temporarily staving off calls to remove Lloyd Blankfein from the post of Chairman and replace him with an independent director.
|Goldman Sachs CEO and Chairman Lloyd Blankfein|
Wells Fargo ( WFC) is facing a class action lawsuit from investors who accuse the bank of marketing a loan program as safe investment when in fact, the bank invested their money in illiquid and risky profucts such as mortgage-backed securities, Reuters reported. The City of Farmington Hills Employees Retirement System, a pension plan, sued Wells Fargo in October 2010 on behalf of 100 institutional investors over its securities lending program. Written by Shanthi Bharatwaj in New York.