Lawsuits starting to mount against Goldman Sachs
It looks like more aggrieved investors are ready to take their chances against mighty Goldman Sachs (GS) in court. While the bank's settlement with the SEC did not call for it to admit to any sort of fraud, some burned investors are betting they can win anyway, or at least pick up a settlement.
Bolstering their confidence perhaps is the fact that the settlement did call for Goldman to admit to a "mistake" in making various omissions in its marketing pitch for an ABACUS CDO. And that admission may be enough to prompt more suits.
Bloomberg suggests that the forced admission was a major departure from standard practice at the SEC, one which potential litigants are no doubt pondering. Since the SEC lawsuit, investors have filed at least 18 lawsuits against Goldman:15 in Manhattan federal court, two in the New York State Supreme Court in Manhattan, and another in Delaware Chancery Court, according to Reuters.
For more:
- here's the article
Related Articles:
The FCIC vs. Goldman Sachs on derivatives
RBS to sue Goldman Sachs?
More aggrieved investors to target Goldman Sachs?




Comments