Dow Jones Newswires
April 20, 2009

One of the nation's largest unions is calling for 29 financial-services companies to investigate more than $5 billion in pay given to the firms' five highest-paid executives.

The pension funds of the Service Employees International Union wants the companies' boards to review whether the compensation was "tied to derivatives and other questionable instruments that are now worthless."

The union said in a statement that if the pay - including cash, equity and options - "are shown to be based on false economic metrics, they may be subject to clawbacks under U.S. securities laws." The pension funds also wants incentive pay to be done away with. Continue.