Judge Dismisses Securities Suit Against Goldman Sachs Over Short Swing Profits

Judge Dismisses Securities Suit Against Goldman Sachs Over Short Swing Profits

NEW YORK - Dismissal of a shareholder's derivative complaint against The Goldman Sachs Group and Goldman, Sachs & Co. (collectively, Goldman Sachs) for alleged violations of the short-swing profits provision of the Securities Exchange Act of 1934 is proper because the shareholder failed to show that Goldman Sachs was a "statutory insider" at the time of the sale and purchase of certain short call options, a federal judge in New York ruled June 5 (Andrew E. Roth v. The Goldman Sachs Group Inc., et al., No. 11-4820, S.D. N.Y.; 2012 U.S. Dist. LEXIS 78258).

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