Victims of investment fraud go after Goldman-Sachs

 

[caption id="attachment_11123" align="alignleft" width="300" caption="Goldman-Sachs"][/caption]

 CINCINNATI, OH /Editor-- Goldman Sachs Group Inc. rewarded its managers but didn't
pay its bills, and the victims of their publicized fraud lawsuit are
moving forward for perhaps the biggest financial settlement in history.

The U.S. Securities and Exchange Commission (SEC) anticipated settlement by
Goldman Sachs for more than $500 million has certainly raised some
eyebrows, not least because the settlement also incorporates $200
million fines, the largest ever set against a financial institution.
However, the news comes as no surprise to leading securities lawyer,
Michael S. Burg.

"While not an admission of guilt, Goldman Sachs'
decision to settle this case without going to trial sends a stark
message to other investment banks and rating agencies that the American
public and the SEC will not tolerate dishonesty or being misled," said Mr. Burg.
"For the past several years, Burg Simpson has been at the forefront of
litigation involving complex investment products. We have witnessed
first-hand the extent of collusion that existed in Wall Street between
investment banks and rating agencies, and the untold damage it has
caused to our clients and the world economy." 

Burg Simpson represents private and institutional investors in a wide variety of securities litigation lawsuits.

"Selling financial instruments that were designed to fail, is not only
dishonest, it is fundamentally unethical," said fellow Burg Simpson
shareholder David Te Selle. "Reform of Wall Street is long overdue, but
until such time that legislation is passed, we will continue to
vigorously seek justice and compensation on behalf of those who have
fallen victim to this conspiracy."