Goldman agrees to settle mortgage debt class action
Legal Events
Goldman Sachs Group Inc has agreed to settle a class-action lawsuit with investors who claimed losses on $698 million of securities backed by risky mortgage loans issued by defunct subprime lender New Century Financial Corp.
Lawyers for the investors said in a letter filed in U.S. District Court in Manhattan on Tuesday that a proposed settlement had been reached. Terms were not immediately disclosed, though they are expected to be included in court papers filed by July 31.
Goldman is one of many banks accused by U.S. legislators and regulators of fueling the nation's housing and financial crisis by misleading investors about the quality of mortgage debt they sold.
A federal judge in February ordered Goldman to face the class-action lawsuit that accuses it of defrauding investors in GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans.
The loans were made by New Century, a subprime mortgage specialist that went bankrupt in 2007.
The investors, led by the Public Employees' Retirement System of Mississippi, contend the offering documents contained materially untrue statements about the underwriting and appraisal standards used by California-based New Century, the mortgage originator. Goldman securitized and issued the certificates.
Related listings
-
Fed court reverses order for VA system overhaul
Legal Events 05/07/2012A federal appeals court on Monday reversed its demand that the Veterans Affairs Department dramatically overhaul its mental health care system. A special 11-judge panel of the 9th U.S. Circuit Court of Appeals said that any such changes need to be or...
-
Bernstein Liebhard LLP Announces Class Action
Legal Events 01/31/2012Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Veolia Environnement S.A. American Depository Shares (“ADSs”) dur...
-
Law Firm To Collect $35M In Forfeited Bonds
Legal Events 07/11/2011A law firm will be appointed to collect about $35 million in forfeited bonds owed to Dallas County. District Attorney Craig Watkins said Wednesday that a law firm, to be selected later, will get to keep 25 percent of the amount collected. A recent lo...
Any contracts or any transactions can go awry at any time
We know your business means a lot to you and want to understand all the aspects of your business so that we can help you in the best ways possible. We don’t discriminate depending on the size of your company. Our mission statement is to represent all business owners and entrepreneurs by navigating them through the rough waters of business litigation and guiding them to success.
We are attorneys who want to make sure we understand your business objectives and goals before we start providing you with legal counsel individualized to your business. We know what it means to be dedicated to your business. After all, we are a business as well. And just like you, we want to provide the best service we can to our clients.
Any contracts or any transactions can go awry at any time. Sometimes, making important business decisions without legal help from business attorneys could cost you your business.We don’t want you or your business to be misconstrued by anyone. Our attorneys make sure that we communicate with you often to make sure we are giving you the legal guidance you need at all times. We make sure we are responsive in a timely-manner with every single one of our clients to help them identify risks and prevent legal battles before they arise.