$235M Citi, Goldman, UBS Settlement Approved In MBS Case
By Dani Kass (August 3, 2015, 1:58 PM EDT) -- A New York federal judge on Friday approved a $235 million settlement in a class action brought by a pension fund against Citigroup Global Markets Inc., Goldman Sachs & Co. and UBS Securities LLC, the underwriters of mortgage-backed securities issued with allegedly false prospectuses.
The settlement, reached in February, ends a suit by the New Jersey Carpenters Health Fund in New York over the sale of mortgage-backed securities to the fund and other investors in a number of offerings from 2006 to 2007 that were issued and sold by Residential Accredit Loans Inc. The suit alleged the prospectuses had material misstatements...
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