You can read the SEC allegation here.
It's filled with jargon but essentially, the story goes, Goldman Sachs a) sold a CBO to two European banks, b) without telling them that the investments which the CBO contained were selected by a hedge fund which c) would be paid out by insurance money (credit default swap) should that CBO fail.
A large part of the case revolves around this pitch book concerning the alleged fraudulent investment.
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