Goldman Sachs & Co. has faced plenty of litigation for allegedly marketing collateralized debt obligations to investors while also betting that the securities would fail. On Friday, National Australia Bank and its lawyers at Quinn Emanuel Urquhart & Sullivan clawed back $100 million from the investment bank over one of those ill-fated CDOs, known as Hudson Mezzanine Funding 2006-1.
Ruling in a dispute that pitted NAB and Quinn Emanuel’s Jonathan Pickhardt against Goldman and Boies, Schiller & Flexner’s Jonathan Schiller, a Financial Industry Regulatory Authority arbitration panel determined that Goldman made misrepresentations that induced the Australian bank to invest $80 million into the Hudson CDO. NAB had accused Goldman of creating the CDO with the intention of betting against it, and concealing that information in violation of U.S. securities laws and FINRA rules.
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