Monday, 1 September 2014
Last updated 3 days ago
Oct 18 2011 | 9:26am ET
Goldman Sachs vice president Fabrice Tourre has been denied permission to immediately appeal one of the SEC’s legal claims against him.
Tourre is the only individual charged in the case stemming from Paulson & Co.'s alleged role in putting together Goldman’s Abacus 2007-AC1 collateralized debt obligation four years ago.
On September 22, Tourres’ lawyers requested permission to make an interlocutory appeal on part of the case related to offers to European banks, arguing that the chance to appeal would remove the need for extensive document review and litigation in several foreign courts.
In rejecting the request, reports Reuters, U.S. District Judge Barbara Jones said "it is a basic tenet of federal law to delay appellate review until a final judgment has been entered."
Jones had earlier upheld the SEC’s claim about offers of the product that it accused Mr. Tourre of making to Germany’s IKB Deutsche Industriebank and the Netherland’s ABN Amro Holdings.
The U.S. Securities and Exchange Commission sued Torre and Goldman in April 2010, alleging they failed to tell investors that hedge fund billionaire John Paulson had helped choose and bet against the subprime residential mortgage-backed securities in the Abacus CDO. Paulson has not been charged with any wrongdoing.
Tourre, who is on leave from Goldman, has denied the charges.
Goldman settled its part of the litigation for $550 million in July 2010 without admitting wrongdoing.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...