Australian Firm Eyes Suit Against Goldman Sachs

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SYDNEY – Australian firm Slater & Gordon said Friday that it was investigating investment bank Goldman Sachs JBWere while considering whether or not to file a $15 million (US $13 million) lawsuit.

Former clients of Goldman Sachs JBWere allege that the bank engaged in deceptive and misleading practices in order to sell contracts designed to limit losses during market downturns.  Despite entering into the contracts, clients were allegedly required to purchase certain stocks at inflated prices when the market crashed in 2008.

“On the basis of our investigation it appears the marketing of the product was misleading,” said Van Moulis, Slater & Gordon’s practice group leader.

  

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Goldman Sachs JBWere has not commented on the potential suit, which has not yet been filed.

NYC based Goldman Sachs owns 45 percent of Goldman Sachs JBWere.