Goldman Sachs tries to block Australian legal action

The investment bank Goldman Sachs is reportedly trying to stop Australian legal action against it being heard in the United States.

The Australian fund manager Basis Capital is suing Goldman for about $1 billion in damages and losses for selling it an investment which it says caused the failure of one of its hedge funds.

Basis Capital’s US-based lawyer, Eric Lewis, says Goldman appears to be arguing that because Basis is Australian and the litigation is a foreign securities claim, the legal action should not be brought under US federal securities laws.

http://www.abc.net.au/news/stories/2010/07/20/2958991.htm?section=justin

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