高盛必须向国民银行支付1亿美元的抵押欺诈案

A Financial Industry Regulatory Authority (“FINRA”) arbitration panel recently ordered Goldman Sachs Inc. (“Goldman”) to pay $80 million in compensatory damages plus millions more in interest to National Australia Bank Ltd. (“NAB”), resulting in an award likely to cost Goldman (GS) more than $100 million. According to the award and NAB’s complaint, Goldman sold NAB several collateralized debt obligations (“CDOs”), including the Hudson Mezzanine Funding 2006-1 Ltd.

特别是，NAB因在金融危机开始前不久，在Hudson Mezzanine资助的Hudson Mezzanine资金中支付了8000万美元。当CDO和其他资产支持证券的市场在2007年和2008年崩溃时，投资失败了。2011年，美国参议院的一份报告透露，在向哈德逊夹层资金投票时，高bob200体育盛并未告诉NAB等投资者，这是对这些资产的押注支持哈德逊和其他CDO。结果，根据NAB的律师，当经济危机随之而来的是，高盛从哈德逊CDO中获利，而NAB和其他投资者则失去了所有投资。

NAB在投诉中辩称，与抵押相关的交易在高盛与其客户之间构成了实质性的利益冲突，因此，根据FINRA规则，要求高盛披露冲突。高盛认为它没有这种披露义务，实际上对NAB提出了反诉。

The FINRA arbitration panel, in its May 7 ruling, found in favor of NAB and specifically stated “there were knowing and material omissions and misstatements in the marketing materials … that masked a significant conflict of interest with [Goldman’s] clients.” As a result, the panel determined “National Australia Bank Limited is entitled to the return of its $80 million investment.”

This is not the first time Goldman has been forced to pay nine figures for selling institutional investors clearly conflicted products. In 2010, Goldman Sachs consented to pay $550 million to resolve U.S. Securities and Exchange Commission charges accusing the firm of misleading investors by omitting and misstating key facts about the ABACUS 2007-AC1, a synthetic collateralized debt obligation that it promoted. Goldman did not disclose the role of hedge fund Paulson & Co. in making portfolio choices or that Paulson took a short position against the collateralized debt security. It was ultimately found the Goldman marketing materials for the CDO did not have complete information and that Paulson’s economic interest, when making choices for the portfolio, were adverse to investors.

Shepherd, Smith, Edwards & Kantas is a national law firm that represents individual and institutional clients in high stakes securities litigation and arbitration claims. Our attorneys have over 100 collective years of securities industry and legal experience, resulting in our firm being uniquely qualified to help investors in complex securities cases. Please contact our office for a free, no obligation consultation if you have a significant securities loss and suspect there was wrongdoing.

高盛Ordered to Pay $80 Million Plus Interest in Mortgage Case，《华尔街日报》，2015年5月11日

Goldman Must Pay National Australia $80 Million, Panel Says,Bloomberg, May 11, 2015