Enron law firm sues Goldman Sachs
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The law firm that won Enron investors $7.2 billion in what was one of the largest class action suits in the history of securities law filed charges against Goldman Sachs on Monday.
Robbins Geller Rudman and Dowd filed the lawsuit in U.S. district court in Manhattan, aiming to recover investors' losses stemming from the fraud charges issued earlier this month by the Securities and Exchange Commission.
The suit, which currently names investors Howard Sorkin, Ilene Richman and "all other similarly situated" as the plaintiffs, is seeking class-action status.
It charges Goldman Sachs, as well as C-suite members CEO Lloyd Blankfein, CFO David Viniar, and President and COO Gary Cohn, with deceiving investors about the bank's financial conditions.
The complaint alleges that by failing to disclose conflicts in the sale of ABACUS 2007-AC1 -- the now-famed financial portfolio at the center of the SEC's charges -- Goldman Sachs caused investors to purchase the stock at artificially inflated prices.
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Chicago Business Fraud Attorney
Business Fraud can take many forms. In the broadest terms, a fraud occurs when someone intentionally deceives others for personal gain. Many times business fraud is harmful and recovery is necessary. Losing your personal or business’s assets can devastate your entire life. Contact Roth Law Groupto receive help on restoring your business to normalcy before you were victimized with fraud. Business fraud cases can involve multiple people and complicated schemes aimed at deceiving the public, auditors, investigators, or others. Whether you are dealing with corporate fraud or commercial fraud, we can step in and fight back to receive compensation that you deserve.
At Roth Law Group we are devoted to prosecuting and defending the legal rights of individuals and small businesses, as either plaintiff or defendant. Proving fraud can be extremely difficult. To have a successful business fraud case, one must prove that the defendant purposefully set out to defraud the victim. Fraud cases are being investigated more aggressively than ever. With increasing federal regulation and scrutiny of corporate practises, many individuals and businesses find themselves the subject of business fraud investigations.