by The Compliance Exchange on June 15, 2012
The U.S. Securities and Exchange Commission asked a court to reinstate fraud claims it dismissed against Fabrice Tourre, the Goldman Sachs Group Inc. (GS) trader accused of misleading investors in a collateralized debt obligation. U.S. District Judge Barbara Jones in Manhattan last June threw out some of the SEC’s claims after Tourre argued that he couldn’t be held liable under U.S. securities law for foreign transactions that occurred outside the country. Jones cited a 2010 U.S. Supreme Court ruling that U.S. securities laws don’t protect foreign investors who buy stocks on overseas exchanges.
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