Tuesday, 5 May 2015
Last updated 5 hours 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…