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Goldman Taken to Arbitration By Client
December 22, 2011
Heungkuk Life Insurance Co, a South Korean insurer, withdrew its lawsuit against Goldman Sachs over the Timberwolf CDO and will arbitrate the case instead. Heungkuk accuses Goldman of placing bets against the $1 billion CDO after marketing it to clients as profitable earlier this year. Michael Duvally, a spokesman for Goldman Sachs, declined to comment.
In its lawsuit, filed in state court in New York, Heungkuk said Goldman had marketed the CDO as "highly rated, secure and profitable." However, an internal email sent by a Goldman trader apparently described Timberwolf as "one shitty deal." The case is just one of a number winding their way through the courts that have grown out of the alleged misconduct of banks in connection with the subprime crisis.
The Case. Heungkuk Life Insurance Co. Ltd v. The Goldman Sachs Group Inc., 650978/2011, New York state Supreme Court (Manhattan). [Reuters, 12/21/11]
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