Commission's action against Goldman Sachs is the most significant case it
has brought in years. SEC v. Goldman Sachs & Co. , Case No. 3229
(S.D.N.Y. Filed Apr. 16, 2010). The case pits the once revered securities
markets regulator struggling for a come-back against the Wall Street giant...
The SEC's blockbuster announcement
last Friday of its civil
enforcement action against Goldman Sachs and one of its investment bankers
rocked the securities markets and made
headlines in the financial press around the world. Undoubtedly because of
Goldman's prominence and perhaps also because...
About a year ago, Lloyd Blankfein
tried to burnish Goldman Sachs' post-financial crisis image by arguing in an interview
with the Times of London that Goldman was performing God's work by bringing
buyers and sellers together to do deals and safeguarding the interests of
In a April 26, 2010 opinion ( here ) that could have
significant implications for motions to dismiss in the many subprime-related securities
actions pending against the rating agencies, Southern District of New York Judge
Schira Scheindlin rejected
the arguments of Moody's and S&P that the...
Carrie Bradshaw, the central character of HBO's Sex And
The City , was a journalist who wrote about relationships. The show
typically began with Ms. Bradshaw pondering some aspect of her current or past
relationships and then posing a question which became the topic for the
The commentary, speculation and second guessing about the
SEC's settlement in Goldman may be drawing to a close, or at least
diminishing. There is no doubt that Goldman is the most significant
market crisis case to come from the numerous investigations the Commission has
been conducting. Indeed...
On the eve of the criminal insider trading trial of Raja
Rajaratnam the SEC unveiled the latest chapter in the investigation into the
founder of Galleon Management LLC: he had been illegally tipped by a former
Goldman Sachs and current Proctor and Gamble board member. In an Order for
The jury heard final argument in the high profile insider trading case against former Goldman Sachs director Rajat Gupta this week. In a court room in the Southern District of Texas the high profile action against R. Allen Stanford concluded with his sentencing to 110 years in prison for a $7 billion...
In a harsh June 21, 2012 opinion, Southern District of New York Judge Paul A. Crotty rejected the motion to dismiss of Goldman Sachs and three individual defendants in the securities class action lawsuit pertaining to the infamous "built to fail" Abacus CDO transaction and other ill-fated deals...
NEW YORK - (Mealey's) Lead plaintiffs in a securities
class action lawsuit against Goldman Sachs & Co. Inc., certain of its
subsidiaries and officers and directors and three ratings agencies have agreed
to settle their claims against the defendants, according to a letter sent July
19 to the...
Many of the toxic mortgage-backed securities that were a key part of the subprime mortgage meltdown were sold in multiple separate offerings based on the same shelf registration statement but separate prospectuses. Each separate offering included multiple securities at varying tranches of seniority and...
In its June 2010 decision in the Morrison v. National Australia Bank [ enhanced version available to Lexis.com subscribers ], the U.S. Supreme Court enunciated a "transactions" test to determine the applicability of the U.S. securities laws. The Court said that the U.S. securities laws apply...
The focus this week was on white collar criminal securities cases. First, Rajat Gjupta, the former Goldman Sachs director convicted of passing confidential information to former hedge fund mogul Raja Rajartnam was sentenced. Second, Mr. Rajartnam's appeal of his conviction on insider trading and...
Joe Nocera in the Times last Sunday unearthed some Goldman
emails about the eToys IPO from the dotcom era. eToys raised $164 million
in a 1999 IPO and then subsequently failed. The story is familiar by now.
The IPO was underpriced and Goldman spun shares off to preferred clients.
After the company...
NEW YORK — (Mealey’s) A federal judge in New York on July 17 ordered a former Goldman Sachs Group Inc. director to pay a $13.9 million penalty to settle claims with the Securities and Exchange Commission that he provided inside information to a former hedge fund manager as part of an insider...