The Settlement between the SEC and Goldman Sachs of July 2010 and the Following Misplaced Proposal of Imposing a Fiduciary Duty on Broker-Dealers
Fordham University School of Law
September 7, 2011
This work is primarily focused on the settlement between the SEC and Goldman Sachs of July 2010 related to the structuring and marketing of a Collateralised Debt Obligation (CDO) known as Abacus 2007-AC1. A thorough discussion of this case leads to analyze the idea of a imposing a fiduciary duty on broker-dealers. This work explains why this proposal should be disregarded. Finally, it is given a glance to recent cases similar to the one between the SEC and Goldman Sachs.
Keywords: Investment banks, broker-dealers, Dodd-Frank Act, fiduciary duties, Goldman Sachs, SEC, CDO, ABACUS, Securities Law, Finance Law
JEL Classification: K22, N20, G20, G21, G24, G14, G15, G18, F30, F20, F23, F00working papers series
Date posted: September 28, 2011
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