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The Goldman Sachs Group has agreed to settle a shareholder lawsuit by donating $10 million to a Ford Motor Co. charitable trust. The plaintiffs claimed that Ford Chairman William Clay Ford Jr. improperly purchased 400,000 shares of Goldman Sachs' 1999 initial public offering. They also claimed that Goldman Sachs engaged in IPO "spinning" -- where underwriters allocate desirable IPO shares for corporate executives they hope will send them business.
November 22, 2004 at 12:00 AM
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The original version of this story was published on Law.Com
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