US$693 Million RMBS Case Against Goldman Sachs Settled for US$26.6 Million

more+
less-
more+
less-
Explore:  Goldman Sachs RMBS

On July 31, the Public Employees’ Retirement System of Mississippi moved for approval of a US$26.6 million settlement of an RMBS class action pending before Judge Baer of the Southern District of New York. Plaintiffs asserted claims under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 against Goldman Sachs arising out of the purchase of US$693 million in RMBS. The complaint alleged that the offering documents contained inaccuracies and omissions, and that Goldman failed to conduct adequate due diligence. In seeking approval of the settlement, plaintiffs argued that they faced litigation risk due to the limited precedent in RMBS class actions at the summary judgment stage and strong affirmative defenses asserted by the defendants. Motion.

Written by:

Published In:

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.

© Orrick - Structured Finance Group | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×