Goldman Escapes MBS Class Action Over Lack Of Evidence
By Jacob Batchelor (September 8, 2015, 11:58 AM EDT) -- A New York federal judge on Tuesday handed a win to Goldman Sachs Group Inc. in a class action lawsuit over the selling of highly leveraged mortgage-backed securities, finding that the class hadn't shown evidence that Goldman knew the funds would fail.
Evidence that Goldman Sachs had foreknowledge of the securities' failure was "crucially absent," according to the judge. (Credit: AP) U.S. District Judge Victor Marrero said in the order the Goldman Sachs was entitled to summary judgment in hedge fund Dodona I LLC's suit after the bank had shown that evidence of its foreknowledge of the securities' failure or an...
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