Tuesday, 3 March 2015
Last updated 59 min ago
Jul 13 2010 | 12:11pm ET
Goldman Sachs is expected to seek another extension in filing its reply to the Securities and Exchange Commission’s fraud lawsuit against it.
The New York-based firm, which is accused of misleading investors in a collateralized debt obligation it allegedly structured and marketed on behalf of hedge fund Paulson & Co., has already received on 30-day extension, and will likely seek a second, the New York Post reports. According to the SEC, Goldman did not tell the other investors in the CDO about Paulson’s involvement, nor that the hedge fund would be shorting the CDO through credit default swaps it bought from Goldman.
Paulson has not been accused of any wrongdoing. Goldman has denied the charges.
Currently, Goldman’s response is due on June 19. It is not clear why the firm plans to seek a second extension, although Goldman is reportedly eager to settle the case. Still, a top Goldman executive said last month that a deal with the SEC was not on the horizon.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…