Goldman Slams Allstate's Suit Over $123M In RMBS Losses

Law360, New York (February 9, 2012, 7:08 PM EST) -- Goldman Sachs Group Inc. told a New York state judge Thursday that Allstate Insurance Co. couldn't blame its losses from $123 million in residential mortgage-backed securities on Goldman when the insurer was itself a major player in the industry.

Allstate alleges Goldman misrepresented the underwriting standards applied to the underlying mortgages in five securitizations that the insurer bought from the investment bank between April 2006 and March 2007.

But Allstate can't fault Goldman for its losses because the insurer's allegations are too general to the housing...
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