No Bigger Goldman Bonus For Hedge Fund Trader

Sep 5 2014 | 4:50am ET

GoldenTree Asset Management’s Deeb Salem won’t be getting the $20 million he says Goldman Sachs owes him.

A New York state judge this week rejected Salem’s appeal of a Financial Industry Regulatory Authority arbitration panel’s decision to dismiss his claim. State Supreme Court Justice Eileen Bransten brushed aside Salem’s allegations that the FINRA panel was a “kangaroo court” that refused to allow him to call several Goldman executives as witnesses.

“What you have failed to do in your application before this court is show any evidence whatsoever that the material that was excluded was pertinent to this case,” Bransten said. And she rapped Salem’s lawyer, Jonathan Sack, for including the arbitration transcripts in his public court filings.

“You cannot tell me you’re not aware of what is usually done,” she said of the confidential transcripts. Bransten said much of the information contained in them is “nobody’s business but Goldman Sachs’.”

Salem accused Goldman of stiffing him of $5 million in bonuses in 2010. He also alleged that the bank had withheld $6.15 million in deferred compensation and $10 million in bonuses; Goldman said the mortgage trader forfeited that money when he left the bank voluntarily.

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