Well your post is a little hard to follow but the link provided is pretty clear. If what Pellegrini is testifying to turns out to be true then there's likely is no case here. I don't find it that unusual to find people involve to make statements and testify contrary to what others have stated. Many involved in Enron stood up and made similar claims. The SEC seems to not put much value on this persons statement, might be a reason for that.
From your link-
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"We look forward to presenting a complete and accurate evidentiary record in court," SEC spokesman John Nester said in a statement to CNBC.
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Plus, Sach's lost money on this? How? Sach's is the house. The house gets a cut win or lose. In fact it appears Paulson paid Sach's a fee of 15M to put the fund together-
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Paulson allegedly paid Goldmans a fee for putting the CDO together. His firm paid around $15 million. So at the risk of repetition: Paulson pays a fee for Goldman to create an instrument, which fails within a year . His firm makes $1 billion out of this failure.
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Whole story here