Goldman Sachs hit by SEC fraud charge
US investment bank Goldman Sachs has been charged by the Securities and Exchange Commission (SEC) with defrauding investors in the sale of subprime financial products that allegedly cost their customers more than $1bn.
The SEC is seeking injunctive relief, disgorgement of profits, prejudgment interest and financial penalties. No estimates of Goldman's total liability have yet been released and it is not known whether or not the investment bank has insurance cover.
In its complaint, the SEC claims that Goldman Sachs...
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