I'm rather for "protracted litigation" and criminal prosecution against Goldman Sachs, with a jury making the final decisions. That would be grand to see!
So below we have an article on one of the latest settlements with Goldman Sachs. Blecchhh!
Goldman Sachs to pay $10 million to settle Nadel-related claims
By John Hielscher - Herald Tribune
Giant investment bank Goldman Sachs Group Inc. will pay nearly $10 million to settle claims over its handling of hedge-fund trading in the Arthur Nadel Ponzi scheme.
The settlement, by far the single largest recovery of money for the Nadel receivership, could set the stage for other deep-pocketed companies to resolve threatened litigation in the case.
Prominent law firm Holland & Knight, lender Wells Fargo and Shoreline Trading Group, all of whom were involved with Nadel's Scoop Management Inc., also have either been served or threatened with legal action by the case's receiver. For its part, Shoreline pocketed the bulk of more than $13 million in fees from the Nadel funds.
New York-based Goldman Sachs did not admit to any wrongdoing in its $9.85 million settlement, but agreed to settle to avoid protracted litigation, Nadel receiver Burt Wiand said Wednesday.
"It's a meaningful contribution for the defrauded investors," Wiand said. "We got back significantly more money from Goldman Sachs than it made acting as the prime broker."
Goldman Sachs Execution & Clearing L.P., an affiliate of the brokerage and investment house, had no knowledge of Nadel's Ponzi scheme, Wiand said. But it failed to respond to "red flags" that could have exposed it prior to January 2009, when Scoop Management imploded.
If approved by U.S. District Judge Richard Lazzara, the deal would remove all receivership claims against Goldman Sachs, as well as bar individual investors from filing claims against the investment firm.
Goldman Sachs' spokesman Michael DuVally declined to comment on the settlement.
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