Settlement Talks Heat Up Between SEC and Goldman Sachs
A recent decision by the SEC not to officially "serve" Goldman Sachs with a civil securities fraud complaint has legal experts and others familiar with the case believing that both the SEC and Goldman may be actively working toward a settlement, according to FoxBusiness.While Goldman CEO Blankfein has asserted that the SEC's case is a weak one, he now says he believes it makes little sense "to go to war with your regulators."
On April 16, 2010, the SEC charged Goldman Sachs with "defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter," according to the SEC press release.
Recently, attorneys for Goldman Sachs have been pressuring the SEC to propose a deal. The SEC's decision not to serve Goldman means that the firm now has an additional 60 days to respond to the charges, which may allow time for both sides to reach a settlement agreement.
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