Goldman Sachs, Others Want $900M Guaranty MBS Suit Nixed

Law360, New York (November 6, 2012, 5:26 PM EST) -- Goldman Sachs & Co. and other banks urged a Texas federal judge Monday to throw out the Federal Deposit Insurance Corp.'s $900 million suit over mortgage-backed securities sold to now-collapsed Guaranty Bank, saying the action is time-barred.

The FDIC, which took over Guaranty after the bank collapsed in 2009, originally filed the suit in Texas state court Aug. 17, targeting Goldman, Ally Securities LLC, Deutsche Bank Securities Inc., JPMorgan Securities LLC, Structured Asset Mortgage Investments II Inc. and The Bear Stearns Cos. LLC, which issued, underwrote...
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