By Hibah Yousuf money.cnn
NEW YORK (CNNMoney.com) -- Two shareholders have sued top Goldman Sachs officials, including chief executive Lloyd Blankfein, in lawsuits related to fraud charges issued last week by the Securities and Exchange Commission.
The investors, Robert Rosinek and Morton Spiegel, said that certain Goldman Sachs (GS, Fortune 500) officers and the entire board of directors breached their duties by entering into the sale of collateralized debt obligations linked to subprime mortgages, according to the complaints filed in New York State Supreme Court Thursday.
The lawsuits said the actions "have caused substantial financial loss to Goldman Sachs and damaged its reputation and goodwill."
The SEC charged Goldman Sachs and its vice president, Fabrice Tourre, who is also named as a defendant in the shareholders' lawsuits, with fraud last week for failing to disclose conflicts of interest in the 2007 sale the portfolio, which led to a $1 billion loss for investors.
On Friday, the SEC's Inspector General, David Kotz, agreed to launch an investigation into the SEC's decision to pursue fraud charges against Goldman Sachs.
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