William Michael Cunningham Files Amicus Brief in AP-Fonden v. Goldman Sachs (18-12084)

WASHINGTON - July 14, 2021 - PRLog -- The U.S. District Court for the Southern District of New York posted a "Friend of the Court" brief filed by William Michael Cunningham in  SJUNDE AP-FONDEN, individually and on behalf of all those similarly situated Plaintiff, v. THE GOLDMAN SACHS GROUP, INC. et al. Defendants.

The case, 18-CV-12084 (VSB), concerns "Goldman's activities for the 1Malaysia Development Berhad ("1MDB"), a sovereign wealth fund that was ostensibly designed to stimulate economic development in Malaysia."

Goldman was charged with Foreign Bribery in connection with this matter and agreed to pay a fine totaling more than $2.9 billion to the U.S. Department of Justice and other U.S. and overseas regulators.

News reports indicated that:

"In early 2014, the Federal Reserve contacted Goldman to discuss its dealings with 1MDB and criticized the firm for its vetting of the 1MDB deals, stating that the deals 'posed reputational risk' for Goldman."

Our brief  notes that, repeatedly over the past thirty years, signal market participants, operating in the most materially advantaged country ever to exist, abandoned ethical principles in the pursuit of material wellbeing. [1] By 2018, marketplace ethics reached a new low.

The brief highlights the way the banking industry has changed over the past 30 years, and the impact of that change on minority communities. Mr. Cunningham focuses on the economic impact Goldman's policies have on minority communities, specifically African American communities.

The brief concludes that:

"increased concentration in the banking industry has led to increased profits, a decline in service and increased risk. Markets cannot survive continuously elevated levels of fraud, since fraudulent practices mask true value and misallocates capital by moving investment dollars from deserving entities and companies to unworthy ones. Without meaningful reform there remains a significant and growing risk that our economic system will simply cease functioning. Given this, the future of American democratic capitalism is at stake."

[1] See: Global Research Analyst Settlement Fairness Hearing. April 11, 2005. Before Judge William H. Pauley. In the U.S. District Court for the District of New York.
https://www.creativeinvest.com/fairness.html

For a copy of the Court's order see: https://drive.google.com/file/d/12hGAXE6Gcr8-bQIJhl6KdjVi...