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NY Court Questions Early KO Of ACA's Suit Against Goldman

Law360, New York (March 26, 2015, 6:21 PM EDT) -- ACA Financial Guaranty Corp. pressed New York's top court Thursday to undo a grant of dismissal to Goldman Sachs Group Inc. in the bond insurer's $120 million fraud suit over the bank's infamous Abacus subprime product, with at least three judges wondering whether questions of fact should have precluded an early knockout.

Oral arguments before the seven-member Court of Appeals in Albany came after a split midlevel state appellate court, Manhattan's First Department, reversed a trial judge in May 2013 and threw out the high-profile case on the $82 billion bank's motion to dismiss.

Goldman Sachs not only agreed in July...

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