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Friday, December 7, 2012

Software Developers, Goldman Sachs Face Off In Court

In a court case set to begin Monday, Dec. 10, in Boston, voice recognition pioneers Jim and Janet Baker will claim that Goldman Sachs gave them bad financial advice to sell their company Dragon Systems to a competitor, Lernout & Hauspie, that went belly up within weeks of the sale.

The Bakers lost everything and if successful with their lawsuit, could win nearly $1 billion in damages.

Goldman Sachs has claimed it was not obligated to do a financial analysis of the buyer.

The product line the Bakers created, including Dragon NaturallySpeaking, is currently owned by Nuance Communications.

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  • Mouse_2012

    There fault and the law suit should be thrown out.
     
    They made a bad business decision and failed and now they want the Government to bail them out by forcing GS to pay up?  If the deal was a smashing success would they than go back and pay GS even more money? of course not.
     
    P.S. I have no love for GS and think there scum, but come on.

    • Truth Seeker

      It’s “their” (not there) and what was GS hired to do (just fill out the papers)?!!! Of coarse they are liable – giving financial and investment advice is what they do! If they don’t know what they are doing then they are professionally liable – they do not advertise they are amateurs. They charge a huge amount for these services. They are not supposed to team you up with “clear losers”. GS is going to lose this one.

      • Free2rhyme

        And it’s “course,” not “course,” grammar police

  • Robert

    The only interest Goldman has is their own.  The “muppets” got bent over and worked hard.
    “Vampire Squid” is an apt label.

  • http://www.chaseits.co.uk/ Compliance software

    Informative post ,you have shared with us.I would like to read your more updates.Keep them coming.

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