Goldman Ducks German Bank's Appeal Of $37M MBS Suit

Law360, New York (April 19, 2012, 7:57 PM EDT) -- The Second Circuit on Thursday upheld a lower court's dismissal of Landesbank Baden-Wurttemberg's fraud suit accusing Goldman Sachs & Co. of duping it into purchasing $37 million in rotten mortgage-linked securities.

The panel affirmed the ruling of U.S. District Judge William Pauley III, who dismissed the suit in September, saying its claims either lacked specificity or were precluded by a purchase agreement.

“Landesbank has failed to state a claim for either fraud or negligent misrepresentation, and has not otherwise shown that it is entitled to restitution...
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