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Goldman Sachs Engaged in Fraud, Korean Life Insurer Claims

Goldman Sachs Group Inc. hid from the South Korean Heungkuk Life Insurance Co. that it had bet against the viability of a collateralized debt obligation the bank sold as safe, according to a lawsuit filed in New York.

The insurer seeks more than $47.3 million in damages from the New York-based banking firm according to its 56-page complaint accusing Goldman Sachs of fraud and negligent misrepresentation.