JPMorgan, Microsoft, Goldman, Primary Global in Court News

Quote: Goldman Sachs Employees Target of South Korea Criminal Case Goldman Sachs Group Inc. (GS)U.S. bank by assets, said some current and former employees are the target of a criminal complaint in South Korea related to sales of collateralized debt obligations. Heungkuk Life Insurance Co. “filed a criminal complaint against certain past and present employees of the firm in South Korea relating to its purchase of a CDO securitization from Goldman Sachs,” New York-based Goldman Sachs said in a filing with the U.S. Securities and Exchange Commission yesterday. Heungkuk Life and Heungkuk Fire & Marine Insurance Co. filed a complaint to the Seoul Central District Prosecutors’ office on June 28 against nine Goldman Sachs executives and employees, accusing them of fraud, Lee Yun No, an official at Heungkuk Life, said by phone on July 5. The Korean companies have seen losses from purchasing collateralized debt obligations in 2007 from Goldman Sachs, Lee said, without elaborating. Goldman Sachs confirmed the complaint for the first time publicly in yesterday’s quarterly submission to the SEC. The complaint “does not represent any judgment by a governmental entity, but starts a process whereby the prosecutor investigates the complaint and determines whether to take action,” Goldman Sachs said. Paetec Shareholder Sues Over $891 Million Windstream Offer Windstream Corp. (WIN)’s offer to acquire the company for about $891 million is inadequate. Both the value of the proposed deal and the process by which Paetec directors seek to consummate the transaction are unfair to shareholders in light of the company’s own acquisition strategy, David Mattucci said yesterday in a complaint in Delaware Chancery Court. Mattucci, seeking to represent all Paetec shareholders, asked for a court order barring the deal. “Neither Paetec’s management, nor its board, has fully explained wh...
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