Law360, Los Angeles (June 13, 2014, 7:54 PM EDT) -- A New York state judge on Friday threw out a $450 million residential mortgage-backed securities lawsuit against Goldman Sachs Group Inc., finding the investor plaintiffs didn’t do their homework before buying in to the deal.
Judge Charles E. Ramos declined Goldman’s bids to dump the suit for standing or timeliness, but agreed that, as so-called sophisticated investors, plaintiff Phoenix Light SF Ltd. should have done its own due diligence on the loans in the portfolio before agreeing to hand over its money for the deal, according to the decision.
The plaintiffs, affiliated with the late German bank WestLB AG, say in...
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