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…..
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