Goldman Sachs Asks Judge To Toss Shareholder Suit

Law360, New York (December 7, 2011, 8:25 PM EST) -- A shareholder lawsuit in New York state court accusing Goldman Sachs Group Inc. of mishandling its now-notorious "Abacus" collateralized debt obligation should be dismissed because a Delaware court has nixed similar allegations, Goldman Sachs argued Friday.

The shareholders' complaint alleges that Goldman Sachs' management failed to properly oversee the Abacus deal — leading to a $550 million settlement with the U.S. Securities and Exchange Commission and a $650,000 fine from the Financial Industry Regulatory Authority. The SEC had alleged that Goldman didn't tell investors who made...
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