Goldman’s Tourre asks court to dismiss SEC case

NEW YORK (BestGrowthStock) – Goldman Sachs Vice President Fabrice Tourre denied accusations made against him by U.S. regulators for his role in marketing a subprime mortgage product at the center of a fraud case against the bank and asked a court on Monday to dismiss the case.

Goldman on Thursday agreed to pay $550 million to settle civil fraud charges brought in April by the U.S. Securities Exchange Commission, which said it planned to continue its lawsuit against Tourre, a Frenchman accused of putting the product, known as “Abacus 2007-AC1” together.

In a filing on Monday with the U.S. District Court in Manhattan, Tourre’s lawyers said he “cannot be held liable for any misrepresentations or omissions that he did not not make” and said he was but one of many Goldman employees involved in various aspects of the Abacus product.

The case is SEC v Goldman Sachs et al, U.S. District Court for the Southern District of New York, No. 10-3229. (Reporting by Phil Wahba and Grant McCool; Editing by Sofina Mirza-Reid

Investment Research

Goldman’s Tourre asks court to dismiss SEC case