{"id":5129,"date":"2011-02-17T00:00:00","date_gmt":"2011-02-17T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/02\/exgoldman_sachs_brokers_reques"},"modified":"2022-04-14T14:24:39","modified_gmt":"2022-04-14T19:24:39","slug":"exgoldman-sachs-brokers-reques","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/","title":{"rendered":"Ex-Goldman Sachs Broker\u2019s Request for SEC Help in Obtaining Documents from Germany Denied by District Court"},"content":{"rendered":"<p>The U.S. District Court for the Southern District of New York says it will not direct the Securities and Exchange Commission to contact German authorities on behalf ex-Goldman Sachs &amp; Co. (GS) executive Fabrice Tourre, who is seeking to obtain certain documents related to the <a href=\"https:\/\/www.securities-fraud-attorneys.com\/\">securities fraud<\/a> case against him. Per Magistrate Judge Michael Dolinger\u2019s ruling, a discovery request based on Federal Rule of Civil Procedure 34(a) doesn\u2019t \u201cextend\u201d to having a<br \/>\n\u201cgovernment agency make requests to a foreign government under the terms of\u201d a memorandum of understanding between both parties. Dolinger notes that while MOU between the SEC and its German equivalent allows both regulators to help each other in the enforcement of their respective securities laws, \u201cthere is no indication\u201d that the MOU is supposed to offer a right or a benefit to a private party, such as allowing a securities fraud litigant to obtain discovery in Germany.<\/p>\n<p>The SEC charged Goldman Sachs and Tourre over alleged misstatements and omissions related to collateralized debt obligations called Abacus 2007-AC1, a derivative product linked to subprime mortgages. The broker-dealer settled its securities case for $550 million. Meantime, Tourre, who is accused of giving Goldman Sachs \u201csubstantial assistance\u201d in its alleged efforts to mislead investors, is seeking to have the SEC case against him dismissed. He is pointing to <em>Morrison v. National Australia Bank Ltd., <\/em>a US Supreme Court decision that was issued two months after the SEC filed charges against him.<\/p>\n<p>This week, his lawyers argued that the SEC was attempting to circumvent the Supreme Court ruling, which limits the reach of civil claims over acts that occurred outside the country. The transactions involving Tourre that are under dispute took place abroad.<\/p>\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2011-02-14\/fabrice-tourre-s-lawyers-say-sec-suit-should-be-dismissed\">Goldman\u2019s Tourre Shouldn\u2019t Face SEC Lawsuit, His Lawyers Say<\/a>, Bloomberg Businessweek, February 15, 2011<\/p>\n<p><a href=\"mailto:https:\/\/www.sec.gov\/litigation\/complaints\/2010\/comp-pr2010-59.pdf\">The SEC Complaint <\/a>(PDF)<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/#more-5129\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. District Court for the Southern District of New York says it will not direct the Securities and Exchange Commission to contact German authorities on behalf ex-Goldman Sachs &amp; Co. (GS) executive Fabrice Tourre, who is seeking to obtain certain documents related to the securities fraud case against him. Per Magistrate Judge Michael Dolinger\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3947,3757,3741],"tags":[],"class_list":["post-5129","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-goldman-sachs","category-mortgagebacked-securities","category-securities-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ex-Goldman Sachs Broker\u2019s Request for SEC Help in Obtaining Documents from Germany Denied by District Court &#8212; Investor Lawyers Blog &#8212; February 17, 2011<\/title>\n<meta name=\"description\" content=\"The U.S. District Court for the Southern District of New York says it will not direct the Securities and Exchange Commission to contact German authorities &#8212; February 17, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ex-Goldman Sachs Broker\u2019s Request for SEC Help in Obtaining Documents from Germany Denied by District Court &#8212; Investor Lawyers Blog &#8212; February 17, 2011\" \/>\n<meta name=\"twitter:description\" content=\"The U.S. District Court for the Southern District of New York says it will not direct the Securities and Exchange Commission to contact German authorities &#8212; February 17, 2011\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ex-Goldman Sachs Broker\u2019s Request for SEC Help in Obtaining Documents from Germany Denied by District Court &#8212; Investor Lawyers Blog &#8212; February 17, 2011","description":"The U.S. District Court for the Southern District of New York says it will not direct the Securities and Exchange Commission to contact German authorities &#8212; February 17, 2011","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/","twitter_card":"summary_large_image","twitter_title":"Ex-Goldman Sachs Broker\u2019s Request for SEC Help in Obtaining Documents from Germany Denied by District Court &#8212; Investor Lawyers Blog &#8212; February 17, 2011","twitter_description":"The U.S. District Court for the Southern District of New York says it will not direct the Securities and Exchange Commission to contact German authorities &#8212; February 17, 2011","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Ex-Goldman Sachs Broker\u2019s Request for SEC Help in Obtaining Documents from Germany Denied by District Court","datePublished":"2011-02-17T06:00:00+00:00","dateModified":"2022-04-14T19:24:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/"},"wordCount":332,"articleSection":["Financial Firms","Goldman Sachs","Mortgage-Backed Securities","Securities Fraud"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/","url":"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/","name":"Ex-Goldman Sachs Broker\u2019s Request for SEC Help in Obtaining Documents from Germany Denied by District Court &#8212; Investor Lawyers Blog &#8212; February 17, 2011","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2011-02-17T06:00:00+00:00","dateModified":"2022-04-14T19:24:39+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"The U.S. District Court for the Southern District of New York says it will not direct the Securities and Exchange Commission to contact German authorities &#8212; February 17, 2011","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/exgoldman-sachs-brokers-reques\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Ex-Goldman Sachs Broker\u2019s Request for SEC Help in Obtaining Documents from Germany Denied by District Court"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards &amp; Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards &amp; Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-1kJ","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=5129"}],"version-history":[{"count":7,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5129\/revisions"}],"predecessor-version":[{"id":26673,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/5129\/revisions\/26673"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=5129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=5129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=5129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}