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Goldman Stuck With Pension Fund's Suit Over $1.8M MBS Sale

Law360, Los Angeles (March 27, 2014, 10:06 PM EDT) -- A New York federal judge on Thursday preserved most of a class action accusing Goldman Sachs & Co. of making misleading statements about potential risks in connection with a $1.8 million mortgage-backed securities sale, ruling that a retirement fund had sufficiently pled economic loss.

Denying the bulk of Goldman's motion to dismiss the complaint by the Police and Fire Retirement System of the city of Detroit, U.S. District Judge Miriam Goldman Cedarbaum said the Second Circuit's partial reinstatement of a related class action over the same trust that issued the MBS in the instant suit had "significantly changed the landscape of...

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Case Title

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Case Number

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Court

New York Southern

Nature of Suit

Securities/Commodities

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Date Filed

June 3, 2010

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