German Bank Sues Goldman Sachs Over $189 Million in RMBS

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Explore:  Goldman Sachs RMBS

Deutsche Zentral-Genossenschaftsbank AG (DZ Bank) filed a summons with notice in New York State court on September 7, 2012, against several Goldman Sachs entities asserting claims in connection with DZ Bank’s alleged purchase of 9 RMBS for over $189 million. DZ Bank alleges that Goldman Sachs provided offering materials that misrepresented or omitted material information about, among other things, the underwriting standards used to originate the underlying loans, the statistical characteristics of the loans, and the transfer of the loans to the RMBS trusts. DZ Bank asserts causes of action for common-law fraud, fraudulent inducement, negligent misrepresentation, aiding and abetting fraud, declaratory judgment, and contract claims, including rescission, restitution, and mutual mistake. DZ Bank seeks compensatory damages, punitive damages, and rescission. Summons.

Topics:  Goldman Sachs, RMBS

Published In: Business Torts Updates, Finance & Banking Updates, International Trade Updates

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