Ex-Goldman trader loses $5m bonus claim

Lloyd Fonzie Blankfein

Former Goldman Sachs trader Deeb Salem struck out in his pursuit of almost $5 million in bonus money on top of $8.25 million he received in 2010 as a Manhattan judge upheld an arbitration panel’s decision favoring the bank.

Bloomberg News reported that on Thursday State Supreme Court Justice Eileen Bransten rejected Salem’s request to set aside the Financial Industry Regulatory Authority panel’s decision to dismiss his claim and granted Goldman Sachs’s request to seal portions of the dispute with the former trader.

Salem claimed he helped the bank earn more than $7 billion and told the arbitration panel on Feb. 25 that he was one of the most sought-after investment professionals in the mortgage industry. The panel, described by Salem’s lawyer as a 'kangaroo court,' didn’t let Salem call some of Goldman Sachs’ top trading executives as witnesses, resulting in a miscarriage of justice, according to the petition.

Hit the link below to access the complete Bloomberg News article:

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