The Financial Services Authority has cleared Marks & Spencer (M&S) chief executive Stuart Rose of any wrongdoing in his purchase of M&S shares, leaving the way clear for a possible defamation action against Goldman Sachs.
Olswang media litigator Geraldine Proudler is advising Rose on a response to comments made by Goldman, Philip Green’s financial adviser on the M&S bid. Rose claims Goldman promoted an untruth in relation to the M&S bid, thereby damaging his reputation.
There is no suggestion that the investment bank behaved improperly or illegally.
Goldman last week took on Simmons & Simmons to advise on litigation arising out of the M&S bid, although the firm was not Goldman’s first choice.