Goldman Sachs Gave Biased Advice, Suit Says

     CHICAGO (CN) – In a federal class action, Wrigley shareholders claim Goldman Sachs offered biased advice in recommending the $23 billion sale to Mars, for $80 a share, and concealed its “substantial relationship” with Mars and Berkshire Hathaway, which has a stake in Wrigley.

     Shareholders claim Goldman Sachs has entered into “financing commitments” with a Mars subsidiary and has connected that subsidiary with investor Berkshire Hathaway. Additionally, Goldman Sachs also provided, and is currently providing, investment banking and other financial services to Mars and Berkshire Hathaway.
     The lawsuit claims Goldman Sachs had another interest in the merger, since most of its $46 million transaction fee was continent on a sale occurring.
     As a result, shareholders say they were unable to get a fair, unbiased opinion on the merger.
     Plaintiffs’ lead counsel is Leland Shalgos.

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