Goldman Allowed to Keep Issuing Securities
Headline Legal News
Goldman Sachs will remain qualified as an issuer of securities after settling civil fraud charges with the Securities and Exchange Commission this month, the agency ruled.
In a letter to Goldman’s legal counsel at the law firm Sullivan & Cromwell, the S.E.C. said that the settlement cleared a path for the firm to continue issuing securities under federal regulations.
As one of the world’s largest securities issuers, Goldman would have been placed into a tough spot if the S.E.C. had enjoined the firm from that business.
Under federal securities laws (and specifically Rule 405), the commission can deem a firm an “ineligible issuer” if within the past three years the brokerage had broken S.E.C. regulations.
Goldman’s settlement, announced almost two weeks ago, included the firm’s paying $550 million and admitting to mistakes in its marketing materials. What it didn’t do was require the firm to admit to wrongdoing alleged by the S.E.C. regarding a mortgage-linked investment.
Related listings
-
Court grants bail to jailed ex-media mogul Black
Headline Legal News 07/20/2010Conrad Black, the brash former newspaper magnate who lived extravagantly before his 2007 federal conviction for defrauding shareholders, may soon be released from a Florida prison after a federal appeals court granted him bail Monday.The ruling from ...
-
Self Representation Hurting Individual Cases, Courts, Say Judges
Headline Legal News 07/12/2010In a survey released today by the American Bar Association, judges indicated that a lack of representation in civil matters is hurting those individuals’ cases, and is negatively impacting courtrooms. Approximately 1,000 state trial judges responded ...
-
Ore. trial court to reconsider $100M tobacco case
Headline Legal News 06/28/2010The Oregon Supreme Court has ruled that Philip Morris does not have to pay $100 million in punitive damages to the family of a smoker who sued the tobacco giant over its low-tar cigarettes.The case, however, is going to another jury to decide just ho...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.