Civil Insider Trading Cases

May 4, 2010

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Pending government investigations of insider trading that possibly occurred during the financial crisis that started in 2008 are leading to the potential for complex civil actions against finance and investment firms.  Hubuschman et al. v. Goldman Sachs Group Inc. et al. is a derivative action brought by Goldman Sachs shareholders against the company’s officers and directors.  (The complaint is on Westlaw at 2010 WL 1654116 and the docket can be located here: (1:10cv03476))

Finance blogs are taking notice and the Wall Street Journal blog indicates that other figures from the finance industry and other financial firms might be implicated later this summer.   The Hubuschman complaint was filed on April 26, 2010, and it may be just the opening salvo by attorneys and shareholders against firms like Goldman Sachs.  As the Summer of 2010 unfolds, access to pleadings like the Hubuschman complaint on Westlaw will help interested attorneys and associates see the legal issues raised by such complex derivative actions.