Goldman Sachs’s Tourre Gets July 15 Trial Date
Goldman Sachs Group Inc. (GS)’s Fabrice Tourre will go to trial July 15 in the U.S. Securities and Exchange Commission’s lawsuit accusing him of misleading investors in a collateralized debt obligation.
U.S. District Judge Katherine Forrest in Manhattan set the trial date today at the end of a hearing in which an SEC lawyer argued that she should reinstate some claims against Tourre that another judge dismissed earlier in the case.
Last year, U.S. District Judge Barbara Jones threw out some of the SEC’s claims after Tourre argued that he couldn’t be held liable under U.S. securities law for transactions that occurred outside the country.
The SEC argued today that the claims should be reinstated because of a recent appeals court ruling that applied a broader definition of “domestic securities transaction” than the one used by Jones. Tourre’s case was assigned to Forrest last week.
Tourre, 33, who is studying for a Ph.D. in economics at the University of Chicago, wasn’t present in the courtroom today. His lawyer, Pamela Chepiga, told Forrest that she will check with her client to make sure there is no conflict between his exams and the trial date.
The SEC sued Goldman Sachs and Tourre in April 2010. The New York-based investment bank agreed in July 2010 to pay $550 million to settle the allegations against it.
The case is SEC v. Tourre, 10-03229, U.S. District Court, Southern District of New York (Manhattan).
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