Goldman Sachs countersues client over October stock rout

GOLDMAN Sachs Group and Lynne Ng Su Ling, an independent director at LionGold Corp, traded lawsuits in London over payment demands after shares owned by Ms Ng and held by the bank as debt collateral plunged in an October stock rout.

Two Goldman Sachs units are seeking US$17.5 million from Ms Ng, money the bank says she owes after it sold her shares, according to a countersuit by the bank filed on March 24 and made available over the weekend. In a complaint served on Goldman Sachs in February, Ms Ng says the bank failed to use reason…