| According to media reports, Allen & Overy and Sullivan & Cromwell have bagged key roles in connection with proceedings that are to stem from the recent fraud allegations made by the Securities and Exchange Commission (SEC) towards Goldman Sachs. The SEC has accused the investment behemoth of misleading investors in respect of risk levels associated with a synthetic collateralised debt obligation transaction undertaken before the sub-prime mortgage market collapse. Goldman Sachs, which says it lost around US$90 million as a result of the transaction, denies the allegations and released a statement last week in which it commented, “We’re disappointed that the SEC would bring this action related to a single transaction in the face of an extensive record which establishes that the accusations are unfounded in law and fact.” Sullivan & Cromwell is representing Goldman Sachs, with Allen & Overy retained to represent Goldman trader Fabrice Tourre, who has also been named as a defendant in the civil suit. |
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