On Thursday, jurors sought clarity on two lesser cases filed against Fabrice Tourre, a former vice president at Goldman Sachs Group Inc.
The lawsuit was filed by the Securities and Exchange Commission in the District Court in Manhattan. The second day of deliberations had jurors pass three notes to the federal judge presiding on the case. The said notes contained what information was needed to establish the case for them to hold Tourre liable.
Other counts filed against Tourre required a higher standard of evidence to prove as to whether or not he acted with intent to defraud and/or obstruct the truth recklessly.
The Securities and Exchange Commission accused the Frenchman of the failure to disclose to investors the true risks involved with Paulson & Co mortgage securities and its association with Abacus 2007-AC1, From there, he planned to bet against the deal.
Tourre denied wrongdoing and claimed he did a good job at Goldman Sachs. The latter is also a defendant in the lawsuit that was filed. Goldman Sachs paid USD550 million to settle the case without admission or denial as the accusations made.
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