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Goldman’s Tourre Wants SEC Case Dismissed

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July 20, 2010

Goldman Sachs executive Fabrice Tourre denied fraud and other accusations by U.S. regulators for his role in marketing a subprime mortgage product 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.”

It also said “the purported claims against Mr. Tourre are based solely on alleged actions and omissions concerning information known to many different Goldman Sachs employees working in various aspects of its business, including Legal, Compliance, sales and trading.” A spokesman for the SEC declined to comment.

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This article was posted: Tuesday, July 20, 2010 at 1:41 am

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