Burg Simpson Seeks Justice for Victims of Investment Fraud
Goldman Sachs Group Inc. decision to settle its much publicized fraud lawsuit with the U.S. Securities and Exchange Commission (SEC) for more than $500 million has certainly raised some eyebrows.


CINCINNATI, OH, July 23, 2010 /24-7PressRelease/ -- Goldman Sachs Group Inc. decision to settle its much publicized fraud lawsuit with the U.S. Securities and Exchange Commission (SEC) for more than $500 million has certainly raised some eyebrows, not least because the settlement also incorporates $200 million fines, the largest ever set against a financial institution. However, the news comes as no surprise to leading securities lawyer, Michael S. Burg.

"While not an admission of guilt, Goldman Sachs' decision to settle this case without going to trial sends a stark message to other investment banks and rating agencies that the American public and the SEC will not tolerate dishonesty or being misled," said Mr. Burg. "For the past several years, Burg Simpson has been at the forefront of litigation involving complex investment products. We have witnessed first-hand the extent of collusion that existed in Wall Street between investment banks and rating agencies, and the untold damage it has caused to our clients and the world economy."

Burg Simpson represents private and institutional investors in a wide variety of securities litigation lawsuits. Perhaps the most high profile case the firm is currently involved in is Pursuit Partners, LLC et al. v. UBS AG, et al. Burg Simpson is seeking damages on behalf of Pursuit Partners, LLC against UBS for fraud in connection with its purchase of collateralized debt obligations (CDOs). Earlier this year, Burg Simpson successfully obtained a court order requiring two UBS entities to put aside more than $35 million to ensure that Pursuit Partners, LLC is adequately compensated in the event that their claim successful.

"Selling financial instruments that were designed to fail, is not only dishonest, it is fundamentally unethical," said fellow Burg Simpson shareholder David Te Selle. "Reform of Wall Street is long overdue, but until such time that legislation is passed, we will continue to vigorously seek justice and compensation on behalf of those who have fallen victim to this conspiracy."

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