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D&O Insurance Experts On Goldman Sachs

BusinessInsurance.com writes: “The SEC alleges in a complaint filed April 16 that Goldman made material misstatements and omissions in connection with a synthetic collateralized debt obligation linked to subprime mortgages and that it did not disclose to investors that it had received a Wells notice from the SEC. A Wells notice is an SEC letter stating it intends to begin enforcement proceedings.”

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Federal Judge Tosses Out SEC Stock Option Lawsuit

Federal Judge Tosses Out SEC Stock Option Lawsuit

In a decision with potentially broad implications, St. Louis, MO, U.S. District Judge Jean C. Hamilton tossed out a SEC lawsuit over stock option backdating before the defense had presented a single witness. Hamilton said the SEC offered “no evidence” that Michael F. Shanahan Jr., the son of the former CEO and co-founder of Engineered Support Systems Inc., misled stock buyers or sellers, and “no evidence” about what standards of care he allegedly violated as a non-employee member of the board of directors.

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Stock Market Today

The Dow Jones Industrials fell over 200 points today. This is a typical stock market over-reaction to a not so news- worthy event. The event was our President remarking that commercial banking business should be separate from investment services business.

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