What was Goldman Sachs' rebuttal to SEC's claim that it defrauded investors?

Question

Quizplus · Accepted Answer

As discussed in Strategy Highlight 12.2, the SEC argued that Goldman Sachs knowingly misled investors by not revealing their motives in putting Abacus together and not informing them about John Paulson's role in this transaction. Basically, the SEC alleged that Goldman violated its fiduciary responsibility and defrauded its clients. Mounting a strong legal defense, Goldman Sachs argued that it is up to the clients to assess the risks involved in any investments.

What Was Goldman Sachs' Rebuttal to SEC's Claim That It