NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into The Goldman Sachs Group, Inc. (NYSE: GS).
An investigation by the U.S. Justice Department dating back to at least 2016 into the Company’s role as the primary bond underwriter in a multibillion-dollar fraud and money-laundering scheme involving a Malaysian government fund, 1Malaysia Development Berhad (1MDB) recently culminated with the Company’s former Southeast Asia Chairman, Tim Leissner, pleading guilty to money laundering conspiracy and Foreign Corrupt Practices Act charges committed “as an employee and agent of Goldman Sachs.” Indictments were also unsealed against a former managing director of the Company, Roger Ng, and Malaysian financier Low Taek Jho, relating to the probe.
Abu Dhabi sovereign funds that guaranteed $3.5B in bonds to 1MDB have sued the Company for its role in the scheme and Malaysian officials have demanded reparations from Goldman exceeding the $600M in fees it received from the scheme. Recently, Morgan Stanley and Bank of America downgraded the Company’s stock, which presently ranks as the worst performing stock in the Dow Jones Industrial Average this year.
KSF’s investigation is focusing on whether Goldman’s officers and/or directors breached their fiduciary duties to Goldman’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Goldman Sachs shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-gs/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
