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The High Court of England and Wales recently handed down its decision in IFE Fund SA v Goldman Sachs International, which examined the conduct of Goldman Sachs International as the arranger and underwriter of the issue of bonds in the European mezzanine debt market.
In particular, the IFE case ruled on Goldman Sachs’ liability arising from its dissemination of an information memorandum, including certain accounting reports, to a participant in conjunction with the syndication of mezzanine bonds, and Goldman Sachs’ ability to limit its liability by relying on customary disclaimers of responsibility incorporated within the information memorandum.
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