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Royal Bank of Scotland holds fire on Goldman Sachs claim

Royal Bank of Scotland has today confirmed that the $840 million loss crystallised through its ABN Amro subsidiary from a transaction involving Goldman Sachs is under review. This comes at a time when Goldman Sachs a is set for a date in court with the Securities and Exchange Commission (SEC) alleging fraudulent activity in the transaction which included Royal Bank of Scotland.

While slowly but surely details of the SEC case are emerging it is unclear as to how strong the case is and whether the SEC will be successful. As a consequence, Royal Bank of Scotland has confirmed it is holding fire on a potential claim against Goldman Sachs with regards to the $840 million loss until the outcome of the SEC case is confirmed.

If the SEC is successful in its pursuit of Goldman Sachs, which is nowhere near guaranteed, it could open a potential can of worms with many companies set to step forward and claim compensation from this particular transaction under review. However, it is certain that both the SEC and Goldman Sachs will employ the best minds in the legal industry and the court case could drag on for many months if not years.

Some experts believe the case is fairly shaky and the revelation that the SEC vote on prosecuting Goldman Sachs was a very tight 3-2 affair has cast further doubt on the situation.

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