There was a major development in a lawsuit last week that every investor should know about — and worry about.
But nobody is paying attention.
A New York federal judge appointed three law firms to serve as lead counsels in a multitrillion-dollar litigation accusing Goldman Sachs, Barclays Capital and 18 other financial institutions of rigging the market for US government securities.
This is a civil case, but there is also a federal criminal investigation into this matter that will probably go nowhere because there are so many Goldman Sachs alumni in the Trump administration.
So the civil case, which is a class action, is the one to watch. And by appointing the law firms of Quinn Emanuel Urquhart & Sullivan and Cohen Milstein Sellers & Toll as well as Labaton Sucharow to handle the case, this litigation takes a tiny step forward even if the criminal probe is stagnant.
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