Goldman prevails over Marvell

Hulk

Goldman Sachs beat back more than $300m in claims from two co-founders of Marvell Technology Group who alleged the investment bank tricked them into selling shares of their company.

Bloomberg reports that a Financial Industry Regulatory Authority arbitration panel denied claims from Marvell Chief Executive Officer Sehat Sutardja and President Weili Dai.

The pair had requested the return of 8.65m shares of the Hamilton, a mobile-phone chipmaker, plus as much as $200m in damages, according to a Finra filing.

The two sued Goldman Sachs in 2011, saying they were pressured into selling the shares to cover a margin loan, and that bank employees erroneously told them that a regulatory rule required them to do so. A California state judge granted Goldman Sachs’s request to force the plaintiffs to resolve the case through arbitration.

To access the complete Bloomberg article hit the link below:

Goldman Triumphs Over Marvell Co-Founders' $300 Million Claims

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