Goldman Sachs Group Inc must again face a class action by shareholders who said they lost $13 billion because the Wall Street bank hid conflicts of interest when creating risky subprime securities before the 2008 financial crisis, a judge ruled on Wednesday.
The Goldman Sachs company logo is on the floor of the New York Stock Exchange in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermidmust again face a class action by shareholders who said they lost $13 billion because the Wall Street bank hid conflicts of interest when creating risky subprime securities before the 2008 financial crisis, a judge ruled on Wednesday.
Shareholders accused Goldman of concealing its packaging and selling of collateralized debt obligations it wanted to fail so favored clients like hedge fund billionaire John Paulson could secretly bet against them. They said Goldman's stock price fell as the truth became known.Goldman declined to comment. Darren Robbins, a lawyer for shareholders including the Arkansas Teacher Retirement System, said they were ready to move the 11-year-old case to trial.
Noting Goldman's claim that dozens of blue-chip companies make similar statements, Crotty said he was "hard pressed" to understand why such statements would achieve "such ubiquity" if they had no effect on stock prices.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Troubled Music Festival Hit With Lawsuit, Claiming Fyre Fest–Like ConditionsDisgruntled concertgoers filed a class action Tuesday on behalf of thousands of people who attended the Elements Music and Arts Festival in September, a troubled EDM festival that has drawn comparisons to the infamous Fyre Festival.
Les mer »
Goldman CEO Solomon sees policy, not the pandemic, as the biggest risk ahead for marketsCongress and the Fed will have more impact on what happens than the pandemic, Goldman Sachs CEO David Solomon said.
Les mer »
White House issues nationwide call to action on maternal health crisisVice President Harris hosted the White House's first ever Maternal Health Day of Action.
Les mer »
Surgeon general warns of emerging youth mental health crisis in rare public advisoryThe advisory is to call attention to a 'youth mental health crisis' and recommend resources to call on and actions to take.
Les mer »
Germany’s Scholz Takes Power After Merkel’s 16-Year RuleNew German Chancellor Olaf Scholz inherits longstanding challenges from Angela Merkel and faces a cluster of short-term crises that could complicate his plans to modernize the German state and its economy
Les mer »
Outrage over Black man tackled by Minneapolis officer in viral videoActivists are calling for Officer Christopher Lange to face disciplinary action after the incident inside an Aldi store in Minneapolis.
Les mer »