The SEIU Master Trust—pension funds managed for the Service Employees International Union—wants the boards of 29 financial sector companies to take a hard look at more than $5 billion worth of executive bonuses. “The recent collapse of the companies’ stock prices show that the economic metrics used by the boards in justifying these compensation payments was worthless, and that the companies’ stock prices were artificially inflated,” according to Stephen Abrecht, executive director of the SEIU Master Trust.

The trust believes such bonuses can be recouped under U.S. securities law; letters to the boards also demand a restructuring of incentive pay so that it’s tied to company performance. The following companies have been targeted: AFLAC; Allstate; American Express; AIG; Bank of New York Mellon; BB&T; Blackrock; Capital One; Citigroup; Comerica; Goldman Sachs; Hartford Financial Services; Hudson City Bancorp; JPMorgan Chase; Keycorp; Lincoln National; MBIA; McGraw-Hill Companies (owner of S&P); MetLife; Moody’s; Morgan Stanley; Northern Trust; PNC Financial Services; Prudential Financial; Regions Financial; SLM; State Street Corp.; Wells Fargo; and Zions Bancorp.

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