Goldman Scoffs At Duty To Reveal SEC's Abacus Warning

Law360, New York (May 21, 2012, 7:10 PM EDT) -- Goldman Sachs Group Inc. told a New York federal judge Monday it had no duty to notify investors in July 2009 that securities regulators were weighing a suit over its Abacus collateralized debt obligation — litigation that later resulted in a $550 million settlement.

Goldman attorney Richard H. Klapper of Sullivan & Cromwell LLP asked the judge to dismiss a consolidated class action alleging the firm wrongly failed to disclose it had received a Wells Notice from the U.S. Securities and Exchange Commission. The notice indicated...
To view the full article, register now.

Related

Sections

Case Information

Case Title

In re Goldman Sachs Group, Inc. Securities Litigation


Case Number

1:10-cv-03461

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Paul A. Crotty

Date Filed

April 26, 2010

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.