SEC Can't Revive Fraud Claim Against Goldman's Tourre

Law360, New York (November 19, 2012, 9:25 PM EST) -- The U.S. Securities and Exchange Commission lost its bid Monday to reinstate Securities Exchange Act misrepresentation claims against Goldman Sachs Group Inc. executive Fabrice Tourre, the lone defendant in the regulator's suit over the Abacus collateralized debt obligation that was allegedly designed to fail.

U.S. District Judge Katherine B. Forrest said that the misrepresentation claim related to a $150 million Abacus note sale to German commercial financing bank IKB Deutsche Industriebank AG did not qualify as domestic transactions as required by the U.S. Supreme Court's 2010...
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