News & Analysis as of

Goldman Reaches Settlement with FHFA

On August 22, Goldman Sachs and FHFA announced a US$3.15 billion settlement of claims brought by FHFA against Goldman in two separate lawsuits related to RMBS purchased by Fannie Mae and Freddie Mac between 2005 and 2007. ...more

FHFA Wins Summary Judgment That It Did Not Have Actual Knowledge of RMBS Misrepresentations

On July 30, Judge Denise Cote of the United States District Court for the Southern District of New York granted the motion for partial summary judgment brought by FHFA, as conservator for Fannie Mae and Freddie Mac. ...more

NCUA Can Bring RMBS Claims Against Goldman Sachs in Federal Court

On January 28, Judge Denise Cote of the U.S. District Court for the Southern District of New York denied Goldman Sachs’s motion to compel arbitration for RMBS claims brought by the National Credit Union Administration (NCUA)....more

Goldman Sachs and Prudential Settle RMBS Action

On January 6, Judge Susan D. Wigenton of the United States District Court for the District of New Jersey “so ordered” the parties’ stipulation of voluntary dismissal with prejudice of Prudential’s claims against Goldman Sachs...more

Orrick's Financial Industry Week in Review - January 13, 2014

European Parliament Committee Publishes Opinion on Money Laundering Directive 4 - On January 7, the European Parliament published an opinion, written by its Committee on Legal Affairs (or JURI) relating to the...more

Goldman Sachs Motion to Dismiss RMBS Fraud Suit Granted in Part, Denied in Part

On November 26, Justice Melvin Schweitzer of the New York Supreme Court granted in part and denied in part Goldman Sachs’s motion to dismiss a lawsuit brought by HSH Nordbank. Justice Schweitzer dismissed claims arising out...more

Orrick's Financial Industry Week in Review - December 10, 2013

Council of EU Publishes UK Issues Paper on MLD4 - On November 24, the Council of the European Union published a note (dated November 8, 2013) from the Council Presidency to Council Delegations which includes a UK...more

Investor Funds Bring Lawsuit Against Goldman Sachs

On July 3, Phoenix Light SF Limited, Blue Heron Funding Ltd., Silver Elms CDO II Limited and Kleros Preferred Funding V PLC, filed a complaint against Goldman Sachs in the Supreme Court of the State of New York relating to...more

New York Appellate Court Reinstates Fraudulent Inducement Claim Against Goldman and M&T Bank

On May 7, New York’s First Department appellate court reinstated CIFG Assurance North America, Inc.’s fraud claim against Goldman Sachs & Co. and M&T Bank. Last May, a New York trial court dismissed CIFG’s claim for...more

Orrick's Financial Industry Week in Review - May 13, 2013

In This Issue: FHFA Limit on Fannie and Freddie Loan Purchases to Qualified Mortgage; Rating Agency Developments; MBIA and Bank of America Settle MBS Litigation for $1.7 Billion: Assured and UBS Agree to Settle RMBS...more

Court Denies Goldman Sachs’s Motion to Dismiss RMBS Action Brought by Prudential

On April 9, Judge Susan Wigenton of the U.S. District Court for the District of New Jersey denied Goldman Sachs’s motion to dismiss Prudential’s complaint alleging fraud in connection with the sale of $375 million in RMBS. ...more

Israeli Bank Sues UBS and Goldman Sachs Seeking a Combined $220 Million

On January 29, Bank Hapoalim B.M., Israel’s largest bank, filed summonses with notice against UBS AG, Goldman Sachs & Co., and their affiliates, in the Supreme Court for the State of New York....more

Orrick's Financial Industry Week in Review - February 4, 2013

In This Issue: *Financial Industry Developments - SEC Extends Exemptions for Security-Based Swaps - Fed Announces Release Dates for Results of Supervisory Stress Tests and CCAR - Rating Agency Developments...more

Goldman Sachs Asks Supreme Court to Address RMBS Class Standing

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....more

Prudential Files RMBS Lawsuits Against Goldman Sachs and RBS

On August 21, 2012, several Prudential entities sued several RBS entities in New Jersey State court seeking to recover damages allegedly suffered in connection with over $343 million in RMBS. Prudential also sued several...more

German Bank Sues Goldman Sachs Over $189 Million in 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...more

Second Circuit Permits Expansive Class Standing for RMBS Purchasers

On September 6, 2012, the United States Court of Appeals for the Second Circuit reversed the dismissal of RMBS claims against Goldman Sachs and related entities based on lack of standing and failure to state a claim. The...more

HSH Nordbank AG Sues Goldman Sachs and Morgan Stanley Over $634 Million in RMBS

Several HSH Nordbank AG affiliates filed two summonses with notice in New York state court on August 24, seeking damages, rescission and/or a declaratory judgment arising out of their purchase of roughly $524 million and $110...more

Sealink Brings $587M RMBS Lawsuit Against Goldman Sachs

On August 13, Sealink Funding Ltd. filed a summons with notice against Goldman Sachs & Co. in New York state court over its purchase of nearly $587 million in residential mortgage-backed securities. Sealink alleges that the...more

Goldman Sachs Discloses SEC Will Not File Action Over RMBS Sales

On August 9, Goldman Sachs disclosed in its 10-Q that the Securities and Exchange Commission has decided not to recommend an enforcement action against Goldman for disclosures connected to $1.3 billion in residential...more

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

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...more

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