Goldman Sachs Group Inc (GS) Financial News - JPMorgan, Microsoft, Goldman, Primary Global in Court News
Goldman Sachs Group Inc (GS)
JPMorgan, Microsoft, Goldman, Primary Global in Court News
2011-08-10 04:14:09
Quote: Goldman Sachs Employees Target of South Korea Criminal Case
Goldman Sachs Group Inc. (GS)U.S. bank by
assets, said some current and former employees are the target of
a criminal complaint in South Korea related to sales of
collateralized debt obligations.
Heungkuk Life Insurance Co. “filed a criminal complaint
against certain past and present employees of the firm in South
Korea relating to its purchase of a CDO securitization from
Goldman Sachs,†New York-based Goldman Sachs said in a filing
with the U.S. Securities and Exchange Commission yesterday.
Heungkuk Life and Heungkuk Fire & Marine Insurance Co.
filed a complaint to the Seoul Central District Prosecutors’
office on June 28 against nine Goldman Sachs executives and
employees, accusing them of fraud, Lee Yun No, an official at
Heungkuk Life, said by phone on July 5.
The Korean companies have seen losses from purchasing
collateralized debt obligations in 2007 from Goldman Sachs, Lee
said, without elaborating.
Goldman Sachs confirmed the complaint for the first time
publicly in yesterday’s quarterly submission to the SEC.
The complaint “does not represent any judgment by a
governmental entity, but starts a process whereby the prosecutor
investigates the complaint and determines whether to take
action,†Goldman Sachs said.
Paetec Shareholder Sues Over $891 Million Windstream Offer
Windstream Corp. (WIN)’s offer to acquire the company for
about $891 million is inadequate.
Both the value of the proposed deal and the process by
which Paetec directors seek to consummate the transaction are
unfair to shareholders in light of the company’s own acquisition
strategy, David Mattucci said yesterday in a complaint in
Delaware Chancery Court.
Mattucci, seeking to represent all Paetec shareholders,
asked for a court order barring the deal.
“Neither Paetec’s management, nor its board, has fully
explained wh...Open whole article (external link)