UPDATE, 11:57 a.m.- According to a spokesperson from the SEC, Sullivan & Cromwell partner Richard Klapper is representing Goldman Sachs in the suit. The firm has a longtime relationship with the bank. Bloomberg is reporting that Allen & Overy‘s Pamela Chepiga is representing Tourre.

While the reputation of Goldman Sachs may have taken a hit as a result of the financial crisis, the investment banking and securities firm could always hang its hat on the fact that it had never been tainted with charges of wrongdoing. Not anymore. In a stunning civil suit filed by the SEC on Friday, the government accuses Goldman of committing securities fraud.