Goldman Sachs Settles Lawsuit Over Short Selling Shares of Overstock.com

Overstock.com Inc. filed a lawsuit against Goldman Sachs Group, Inc., among others, claiming that the brokerage firm had violated the Racketeer Influenced and Corrupt Organizations law, as well as various violations of applicable securities laws. According to Overstock, the courts had found “substantial evidence” that Goldman was engaged in fraud, but ultimately was able to protect itself through procedural safeguards and maneuvers.

Overstock is continuing its claims against Merrill Lynch, which Overstock claims was deliberately manipulating the share price of Overstock by selling shares of stock that Merrill didn’t actually own.

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