Directors and officers insurance experts found little to celebrate in a report declaring an end to securities lawsuits arising from the credit crisis, and Goldman Sach's recent troubles had them throwing more cold water on positive findings.
"We've all been waiting for the shoe to drop on SEC enforcement actions. We just didn't know whose head it was going to come down on," said Michael Young, a litigation partner with Willkie Farr & Gallagher in New York, who represents defendants in securities cases. "It looks like it's landed on Goldman Sachs," he added.
Mr. Young noted longtime speculation among securities litigation experts that "the SEC, much humbled by Madoff [would] try to come roaring back," referring to the perception that the SEC did not do enough to react to warning signs of a Ponzi scheme orchestrated by Bernard Madoff.
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