gs connect s&p gsci enh comm (GSC) Key Developments
Goldman Saachs, Nitesh Estates Joint Venture to Invest INR 16,000 Million in Office Projects
May 15 15
Nitesh Estates and Goldman Sachs have announced an agreement to jointly invest up to $250 million (about INR 16,000 million) in income generating commercial real estate assets in India.
Goldman Sachs to Repay USD 80 Million to National Australia Bank
May 13 15
Goldman Sachs has been asked by the Financial Industry Regulatory Authority (Finra) to pay a sum of USD 80 million with interest to the National Australia Bank. According to the report NAB filed a USD 230 million arbitration claim in 2012, alleging that Goldman Sachs had violated the mortgage-linked security practices. In its claim, NAB had claimed for USD 230 million in total damages including USD 80 million as compensatory damages with interest of USD 60 million and punitive damages.
Goldman Sachs Group Inc Must Face $120 Million Suit over Mortgage Securities
May 7 15
New York's top state court revived a bond insurer's $120 million lawsuit claiming Goldman Sachs Group Inc. lied about a pool of securities backed by subprime mortgages during the period leading up the financial crisis. The New York Court of Appeals in a 5-2 decision said the suit by ACA Financial Guaranty Corp. should move forward because the insurer had raised issues about the role of billionaire John Paulson's hedge fund in a collateralized debt obligation called Abacus. ACA Financial said Goldman had deceived it into believing hedge fund Paulson & Co was a long investor in Abacus when it knew Paulson was betting the underlying mortgages would fail. ACA said it lost approximately $900 million on the deal when the subprime mortgage market collapsed. Under state law, a fraud case may only proceed if the plaintiff can show it 'justifiably relied' on representations made by the defendant.
Goldman Sachs Hires Harit Talwar as Tech Banker
May 6 15
Goldman Sachs has announced that it has hired a tech banker to launch online lending services. Harit Talwar, who recently left Discover, where he was chief marketing officer of the US cards business, has joined the company.
Goldman Sachs In Talks to Sell Its Coal Mines
May 3 15
The Goldman Sachs Group, Inc. (NYSE:GS) is planning to sell its second coal mine in Colombia. Goldman Sachs is in talks to sell the coal mines at a loss, according to people familiar with the negotiations.