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...
In a January 12, 2010 opinion ( here ) in a subprime-related securities suit involving
Goldman Sachs-issued mortgage pass-through certificates, Southern District of
New York Judge Harold Baer, Jr. granted the rating agency defendants'
motion to dismiss on the grounds that they are not "underwriters"...
"But the S.E.C., of all agencies, has a duty, inherent in
its statutory mission, to see that the truth emerges; and if it fails to do so,
the Court must not, in the name of deference or convenience, grant judicial
enforcement to the agency's contrivances." With these words Judge Rakoff...
In a strongly worded November 28, 2011 opinion ( here ),
Southern District of New York Judge Jed Rakoff rejected the proposed $285
million settlement of the enforcement action that the SEC brought against
Citigroup Capital Markets. But while he emphatically rejected the proposed
settlement, his opinion...