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...
To view the full article, register now.
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.