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Judge Rejects Move by Goldman’s Tourre to Toss Suit

Judge Rejects Move by Goldman’s Tourre to Toss Suit
Fabrice Tourre, executive director of structured products group trading with Goldman Sachs Group Inc. Photographer: Andrew Harrer/Bloomberg

Goldman Sachs Group Inc. trader Fabrice Tourre’s request to throw out the U.S. Securities and Exchange Commission’s lawsuit against him was rejected by a federal judge in New York.

U.S. District Judge Barbara S. Jones today dismissed Tourre’s motion seeking a judgment in the case. He had argued that the SEC can’t sue him over a Goldman Sachs deal involving collateralized debt obligations because the transaction didn’t take place in the U.S.

In the same order, Jones said the SEC can file an amended complaint by Nov. 22.

“Defendant Tourre’s motion for judgment on the pleadings is dismissed without prejudice and with leave to renew after plaintiff has filed its amended complaint,” Jones wrote.

Pamela Chepiga, a lawyer for Tourre, didn’t immediately return a call seeking comment. SEC spokesman John Heine declined to comment.

The U.S. Supreme Court ruled in June that U.S. securities laws don’t apply to claims of foreign buyers of non-U.S. securities on foreign exchanges, lawyers for the Goldman executive director said in a court filing in September. The collateralized debt obligations, known as Abacus, at issue in the SEC’s complaint weren’t listed on any exchange and the sole investor in the notes was a foreign bank that bought them overseas, according to the filing.

Jones said that, because the SEC sued before the Supreme Court decision came out in June, the agency can file an amended complaint.

The case is SEC v. Goldman Sachs, 10-CV-3229, U.S. District Court, Southern District of New York (Manhattan).

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