Enron law firm sues Goldman Sachs
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The law firm that won Enron investors $7.2 billion in what was one of the largest class action suits in the history of securities law filed charges against Goldman Sachs on Monday.
Robbins Geller Rudman and Dowd filed the lawsuit in U.S. district court in Manhattan, aiming to recover investors' losses stemming from the fraud charges issued earlier this month by the Securities and Exchange Commission.
The suit, which currently names investors Howard Sorkin, Ilene Richman and "all other similarly situated" as the plaintiffs, is seeking class-action status.
It charges Goldman Sachs, as well as C-suite members CEO Lloyd Blankfein, CFO David Viniar, and President and COO Gary Cohn, with deceiving investors about the bank's financial conditions.
The complaint alleges that by failing to disclose conflicts in the sale of ABACUS 2007-AC1 -- the now-famed financial portfolio at the center of the SEC's charges -- Goldman Sachs caused investors to purchase the stock at artificially inflated prices.
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USCIS Issues Clarifying Guidance on NAFTA TN Status Eligibility for Economists
U.S. Citizenship and Immigration Services (USCIS) announced today that it is clarifying policy guidance (PDF, 71 KB) on the specific work activities its officers should consider when determining whether an individual qualifies for TN nonimmigrant status as an economist.
The North American Free Trade Agreement (NAFTA) TN nonimmigrant status allows qualified Canadian and Mexican citizens to temporarily enter the U.S. to engage in specific professional activities, including the occupation of economist. The agreement, however, does not define the term economist, resulting in inconsistent decisions on whether certain analysts and financial professionals qualify for TN status as economists.
TN nonimmigrant status is intended to allow a limited number of professionals and specialists to work temporarily in certain specifically identified occupations in the United States. This updated guidance provides USCIS officers with a specific definition of one such category – economists – allowing them to adjudicate applications in a way that complies with the intent of the agreement. This policy update clarifies that professional economists requesting TN status must engage primarily in activities consistent with the profession of an economist. Individuals who work primarily in other occupations related to the field of economics — such as financial analysts, marketing analysts, and market research analysts — are not eligible for classification as a TN economist.