According to Jonathan Weil almost three years ago, when Goldman Sachs paid $550 million to settle fraud accusations by the Securities and Exchange Commission, one of the claims was that Goldman misled the bond-insurer ACA Financial Guaranty Corp. in a horribly complex deal named Abacus.
Goldman settled without admitting to the accusations. The terms also prohibited Goldman from denying the SEC’s allegations in its public statements. Then, this week, a funny thing happened. A
New York state appeals court, in a 3-2
ruling, dismissed ACA’s lawsuit against Goldman. ACA said Goldman misled it.
The court said the insurer’s claims didn’t hold up…..