IFE Fund SA v. Goldman Sachs International

EWHC 2887 (2006)

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IFE Fund SA v. Goldman Sachs International

United Kingdom High Court of Justice
EWHC 2887 (2006)

Facts

Goldman Sachs International (Goldman) (defendant) served as the arranger for a transaction in which IFE Fund SA (IFE) (plaintiff) participated. In connection with the transaction, Goldman provided IFE with a syndication information memorandum (SIM) and two reports from investigating accountants. The SIM stated that Goldman (1) did not independently verify the information contained therein, (2) made no representation about such information, and (3) accepted no responsibility for the accuracy or completeness of the SIM. IFE sued Goldman under the United Kingdom’s Misrepresentation Act and for negligence, alleging that Goldman should have corrected or qualified the SIM after receiving the auditor reports, which allegedly indicated that the SIM was materially misleading. Specifically, IFE contended that Goldman falsely impliedly represented that Goldman knew nothing that cast doubt on the SIM. IFE did not contend that Goldman acted dishonestly.

Rule of Law

Issue

Holding and Reasoning (Toulson, J.)

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