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Goldman Sachs Group Inc. disclosed Monday that it was named as a defendant in a purported shareholder derivative action challenging they way the firm accounts for employee options.

The New York investment bank and securities firm said in a filing with the Securities and Exchange Commission that the complaint alleges that the company’s proxy statement undervalues stock option awards, that the recipients received excessive awards because the proper methodology wasn’t followed, and that the firm’s senior management received excessive compensation, constituting corporate waste.

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