Goldman Sachs Asks Supreme Court to Address RMBS Class Standing

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On October 29, 2012, Goldman Sachs filed a petition for a writ of certiorari to the United States Supreme Court to review the recent Second Circuit Court of Appeals decision on RMBS class standing. The Second Circuit held that plaintiffs have standing to represent classes of investors who purchased mortgage-backed securities from the same shelf offering but from different tranches than those purchased by the named plaintiff, or even under different prospectus supplements, as long as the securities were backed by mortgages originated by the same lenders and the claims are based on “similar or identical misrepresentations in the Offering Documents.” The case was filed in 2007 by NECA-IBEW Health & Welfare Fund alleging misrepresentations of the risks of RMBS sold by Goldman. Petition.

Topics:  Class Action, Goldman Sachs, RMBS

Published In: Civil Procedure Updates, Civil Remedies Updates, Finance & Banking Updates, Residential Real Estate Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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