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Goldman Class Action Suit Gets Certified
February 3, 2012
[ by Melanie Gretchen ]
Goldman Sachs was ordered by a federal judge in Manhattan to face a class action on behalf of all investors in a $698 million mortgage-backed securities ("MBS") offering. U.S. District Court Judge Harold Baer Jr., has not yet released his ruling to the public.
The Public Employees’ Retirement System of Mississippi is the lead plaintiff, and will represent more than 150 investors in the offering.
Charges in the Case. New Century Financial Corp., which originated the mortgages underlying the securities, failed to adhere to its underwriting standards and overstated the value of the collateral backing the loans. Seeking unspecified damages, the plaintiffs claim Goldman Sachs failed to conduct proper due diligence when it bought the loans in 2005.
With class-action status, investors can pool financial and legal resources, toward greater leverage to win a favorable settlement or verdict. In his ruling, Judge Baer appointed the New York-based Bernstein Litowitz Berger & Grossman LLP as class counsel.
The case: Public Employees’ Retirement System of Mississippi v. Goldman Sachs Group Inc., 09-01110, U.S. District Court, Southern District of New York (Manhattan).
For more details, go to [Businessweek, 2/3/12].
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