Goldman To Drop $270M To Settle $6B RMBS Suit

Law360, Los Angeles (July 31, 2015, 9:47 PM EDT) -- Goldman Sachs Group & Co. has tentatively agreed to pay $270 million to resolve a putative class action brought by a union pension fund accusing the investment banking giant of selling $6 billion in shoddy residential mortgage-backed securities, according to multiple media reports published Friday.

The news reports, each citing anonymous sources, said Goldman agreed to the settlement to resolve claims brought by NECA-IBEW Health & Welfare Fund that Goldman duped more than 400 investors by giving nearly identical misstatements about the loans underlying each offering.

Representatives for the parties did not immediately respond to requests for comment late Friday....

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