Goldman Pays $7.5M To Exit Old Suit Over 1999 Toy Co. IPO

Law360, New York (September 19, 2013, 7:37 PM EDT) -- Goldman Sachs Group Inc. on Thursday reportedly obtained approval of a $7.5 million settlement of a suit brought by creditors of defunct online toy retailer eToys Inc. that accused Goldman of breaching its fiduciary duty to the company by undervaluing its $178 million initial public offering.

The deal, which was greenlighted by a federal judge, ends litigation pending for more than a decade in courts in New York and Delaware over the 1999 Goldman-led IPO, which creditors said enriched the investment bank and its investor clients...
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