Heungkuk Life Dispute With Goldman Sachs Goes to Arbitration

Discussion in 'Media' started by hvactec, Dec 25, 2011.

  1. hvactec
    Offline

    hvactec VIP Member

    Joined:
    Jan 17, 2010
    Messages:
    1,315
    Thanks Received:
    106
    Trophy Points:
    83
    Location:
    New Jersey
    Ratings:
    +132
    By Chris Dolmetsch - Dec 21, 2011 7:23 PM ET

    Heungkuk Life Insurance Co.’s lawsuit against Goldman Sachs Group Inc. (GS) over a collateralized debt obligation was withdrawn from New York state court after the two sides agreed to resolve the dispute through arbitration.

    Heungkuk sued New York-based Goldman Sachs in federal court in Manhattan in March over a $1 billion collateralized debt obligation known as Timberwolf, accusing the company of fraud and seeking more than $47.3 million in damages. The Seoul-based insurer filed a similar state-court suit in April.

    The federal case was voluntarily dismissed in May, according to court records. The two sides have agreed to “pursue the extrajudicial resolution” of the case in state court, according to court documents filed today. The state case was withdrawn “without prejudice,” meaning the claims can be re-filed.

    The case will be resolved through arbitration, Jon Pickhardt, an attorney with Quinn Emanuel Urquhart & Sullivan in New York who is representing Heungkuk, said in a phone interview.

    Timberwolf was called “one shi**y deal” by a bank executive in a 2007 internal e-mail written eight days after the Heungkuk investment, according to the lawsuits. The e-mail was released publicly by U.S. Senate lawmakers last year.

    Criminal Complaint

    Heungkuk filed a criminal complaint against past and present employees of Goldman Sachs in South Korea relating to its purchase of a CDO securitization from the firm, the New York-based company said in a filing with the U.S. Securities and Exchange Commission on Aug. 9.

    read more Heungkuk Life Dispute With Goldman Sachs Goes to Arbitration - Bloomberg
     
  2. Dot Com
    Offline

    Dot Com Nullius in verba Supporting Member

    Joined:
    Feb 15, 2011
    Messages:
    49,332
    Thanks Received:
    7,540
    Trophy Points:
    1,830
    Location:
    Fairfax, NoVA
    Ratings:
    +16,265
    Goldmann will pay them an undisclosed amount w/ an agreement the details cannot be discussed. They own Washington/Treasury/The Fed so its no big surprise
     

Share This Page