Class Suit Accuses Goldman Of Concealing SEC Probe

Law360, New York (April 27, 2010, 5:57 PM EDT) -- Amid a deluge of criticism from lawmakers over fraud allegations, Goldman Sachs Group Inc. has been hit with a proposed federal class action claiming the company concealed the U.S. Securities and Exchange Commission's probe into a series of collateralized debt obligation transactions.

In a complaint filed Monday in the U.S. District Court for the Southern District of New York, shareholder Howard Sorkin accused Goldman and several executives of failing to disclose a bevy of relevant information about the Abacus 2007-AC1 deal.

Drawing on the securities regulator’s...
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