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Wednesday, November 12, 2014

Goldman Sachs defeats appeal over collapsed buyout, (NYSE: GS)

A federal appeals court ruled in favor of Goldman Sachs Group Inc in a lawsuit accusing the Wall Street investment bank of negligence for arranging the $580 million sale of a married couple's speech recognition company to Lernout & Hauspie, which soon collapsed in an accounting fraud. The 1st U.S. Circuit Court of Appeals in Boston on Wednesday let stand a January 2013 jury verdict against James and Janet Baker, who hired Goldman to coordinate the all-stock takeover of Dragon Systems Inc at the height of the 2000 technology bubble.

The Goldman Sachs Group, Inc. (Goldman Sachs), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS fell by 0.89% or $-1.7/share to $190.18. In the past year, the shares have traded as low as $151.65 and as high as $192.68. On average, 2767450 shares of GS exchange hands on a given day and today's volume is recorded at 2297639.