NEW YORK (CNNMoney.com) -- Two shareholders have sued top Goldman Sachs officials, including chief executive Lloyd Blankfein, in lawsuits related to fraud charges issued last week by the Securities and Exchange Commission.
The investors, Robert Rosinek and Morton Spiegel, said that certain Goldman Sachs (GS, Fortune 500) officers and the entire board of directors breached their duties by entering into the sale of collateralized debt obligations linked to subprime mortgages, according to the complaints filed in New York State Supreme Court Thursday.
The lawsuits said the actions "have caused substantial financial loss to Goldman Sachs and damaged its reputation and goodwill."
The SEC charged Goldman Sachs and its vice president, Fabrice Tourre, who is also named as a defendant in the shareholders' lawsuits, with fraud last week for failing to disclose conflicts of interest in the 2007 sale the portfolio, which led to a $1 billion loss for investors.
On Friday, the SEC's Inspector General, David Kotz, agreed to launch an investigation into the SEC's decision to pursue fraud charges against Goldman Sachs. 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
|
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |
