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July 12, 2013

Goldman's Presence Will Be Felt at Tourre Trial

When Fabrice Tourre heads to federal court Monday, the former Goldman Sachs Group Inc. executive will try to persuade jurors that he didn’t mislead investors in a mortgage deal gone bad during the financial crisis.

Goldman settled with the Securities and Exchange Commission three years ago and won’t be on trial with Mr. Tourre. But the civil case continues to cast a shadow over the firm—and vice versa.

Goldman’s actions during the mortgage boom will be rehashed, in vivid detail, during what is expected to be a three-week trial in U.S. District Court in Manhattan. Several current and former Goldman employees are set to testify.

Goldman has been an important player in Mr. Tourre’s legal battle from the beginning, in seemingly contradictory ways.

After the SEC filed its suit, Goldman quickly distanced itself from Mr. Tourre, now 34 years old, and at times appeared to publicize his involvement in the mortgage deal.”

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Read full Wall Street Journal article here

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