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