SEC v. Goldman Sachs & Co. and Fabrice Tourre

SEC v. Goldman Sachs & Co. and Fabrice Tourre Complaint (Form 8-k)

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The Commission brings this securities fraud action against Goldman, Sachs & Co. (“GS&Co”) and a GS&Co employee, Fabrice Tourre(“Tourre”), for making materially misleading statements and omissions in connection with a synthetic collateralized debt obligation (“CDO”)GS&Co structured and marketed to investors. This synthetic CDO, ABACUS 2007-AC1, was tied to the performance of subprime residential mortgage-backed securities (“RMBS”) and was structured and marketed by GS&Co in early 2007 when the United States housing market and related securities were beginning to show signs of distress. Synthetic CDOs like ABACUS 2007-AC1 contributed to the recent financial crisis

by magnifying losses associated with the downturn in the United States housing market.

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Published In: Antitrust & Trade Regulation Updates, Business Torts Updates, Consumer Protection Updates, Finance & Banking Updates, Securities Updates

Reference Info:Pleadings | Federal, Federal Circuit | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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