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Goldman Employees to Pull $300 Million From Omega Advisors

  • Follows insider trading charges against Omega’s Leon Cooperman
  • Bank retirement plan also liquidated fund managed by Och-Ziff
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Goldman Employees Said to Pull $300M From Omega

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Goldman Sachs Group Inc.’s retirement plan is pulling about $300 million from Leon Cooperman’s Omega Advisors Inc., marking the second time this year it’s cutting ties with a famous alum who ran afoul of U.S. authorities.

The bank informed employees of the decision in a memo Wednesday, according to a person with knowledge of the situation. Most of the funds, which are held in a separately managed account, will be liquidated by Oct. 31, said the person, who asked not be identified because the information is private.