Goldman may seek extension in SEC case: report

U.S. investment bank Goldman Sachs Group Inc is likely to ask for more time to respond to the fraud lawsuit filed on April 16 by the U.S. Securities regulator, the New York Post reported, citing sources.

Goldman, which has denied wrongdoing, faces a court-imposed July 19 deadline to respond to the lawsuit filed by the Securities and Exchange Commission.

The lawsuit accused Goldman of creating and marketing collateralized debt obligations linked to subprime mortgages in early 2007, without telling investors that hedge fund Paulson & Co helped choose and was betting against the underlying securities, leading to investor losses of about $1 billion.

Goldman, which has already filed for one extension tied to the fraud case, is likely to seek an extra 30 days beyond its July 19 deadline, the sources told the paper.

Neither Goldman nor the SEC were available to comment.

Goldman was due to release second-quarter results July 20.

[Source: By Antonita Madonna Devotta, Reuters, Bangalore, 13Jul10]

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