Goldman Sachs hit by slew of lawsuits

Steve Dinneen
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Goldman Sachs yesterday made the surprise move of disclosing information about the flood of lawsuits facing it.

A deluge of cases accusing the Wall Street bank of mismanagement and dishonesty were filed in the days following the decision by the US Securities and Exchange Commission to bring charges against it.

Shareholders blame the bank for the $21bn (£13.8bn) that was wiped from its value when the SEC investigation was announced. Chief executive Lloyd Blankfein comes in for particularly vitriolic criticism, as does the supposed culture of greed at the institution.

The disclosure came nearly a week after Blankfein was questioned by a Senate panel about the role the bank played in the subprime crisis.