Goldman Execs At Fault For Billions In TARP Losses: Suit

Law360, New York (September 21, 2011, 9:24 PM EDT) -- Members of the Goldman Sachs Group Inc. board and executive committee were hit with a derivative shareholder suit Tuesday over their allegedly negligent management of government bailout funds, which the suit claims caused reputational and financial damages worth billions of dollars.

In its complaint filed in New York federal court, the Retirement and Relief System of the City of Birmingham, Ala., alleges that Goldman’s directors failed in their duties to shareholders by mismanaging the roughly $10 billion in funds the investment bank received under the Troubled...
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