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...
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.