Thursday, 26 November 2015
Last updated 1 day ago
Jul 21 2010 | 11:59am ET
A federal judge has given her approval to Goldman Sachs’ $550 million settlement of charges it misled investors in a collateralized debt obligation allegedly structured and marketed on behalf of hedge fund Paulson & Co.
U.S. District Judge Barbara Jones in New York gave her final approval to the Securities and Exchange Commission settlement announced last week. Goldman did not admit or deny any wrongdoing, but did acknowledge that the CDO’s marketing material “contained incomplete information.”
The information that the SEC said was lacking was that Paulson had played a role in selecting the securities that went into the CDO, called ABACUS-2007-AC1, and that the hedge fund planned to short the CDO through credit default swaps it bought from Goldman.
Paulson has not been charged with any wrongdoing.
The SEC is still pursuing its case against Fabrice Tourre, the Goldman executive who handled the CDO transaction. Tourre on Monday filed his response to the charges, denying any wrongdoing.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…