Goldman Directors Say Fund Can't Tie Them To 1MDB Fraud

Law360 (September 13, 2019, 12:52 PM EDT) -- Current and former directors of Goldman Sachs on Thursday said an amended shareholder derivative suit filed over the bank's involvement in the billion-dollar 1Malaysia Development Berhad fraud scandal is no better than its predecessor.

The directors asked a New York federal judge to dismiss the suit, saying it still fails to plead how any of them would be held personally liable for the alleged fraud involved with three profitable bond offerings the bank performed for 1MDB in 2012 and 2013.

Prosecutors have claimed two former Goldman employees were responsible for the offerings, yet the derivative action brought by a Georgia pension fund...

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