Goldman Duped Investors In $450M RMBS, Suit Says

Law360, New York (July 3, 2013, 10:52 PM EDT) -- Goldman Sachs Group Inc. was hit with a suit over $450 million in residential mortgage-backed securities purchased by investment vehicles that claim they were duped about the quality of the underlying loans in offering documents the investment banking giant had issued.

In a complaint filed in New York state court, plaintiffs including Blue Heron Funding Ltd. and Ireland-based Phoenix Light SF Limited targeted Goldman Sachs and its mortgage affiliates over nearly four dozen RMBS certificates they had purchased in 23 offerings by Goldman Sachs.

The banking...
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