Saturday, 1 November 2014
Last updated 23 hours ago
Aug 9 2010 | 1:29pm ET
His employers could hardly have been more eager to settle the fraud case against them, but Fabrice Tourre, the only individual named in the Securities and Exchange Commission lawsuit against Goldman Sachs, appears ready to fight the charges in court.
A lawyer for the Securities and Exchange Commission said that the two sides have had only “preliminary” discussions about a settlement. Tourre is charged with misleading investors in a collateralized debt obligation allegedly structured and marketed on behalf of hedge fund Paulson & Co. Goldman settled similar charges last month for $550 million without admitting any wrongdoing but acknowledging “mistakes” in the CDO’s marketing material.
Tourre, a vice president at Goldman, is currently on leave from the firm. He was the pointman on the controversial CDO, and counted Paulson among his clients.
“I would characterize us as having very preliminary discussions a while back and that’s all,” Lorin Reisner, the SEC lawyer, said today.
The SEC said it was ready to turn over nearly one million documents in the case to Tourre’s lawyers, who said they would need nine months to review them. The SEC plans to depose 25 people in the case; Tourre’s side as many as 50.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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