Law Firm Planner - Legal News - Goldman agrees to settle mortgage debt class action
Law Firm News
Today's Date: Bookmark This Website
Goldman agrees to settle mortgage debt class action
Law Center | 2012/07/18 15:49
Goldman Sachs Group Inc has agreed to settle a class-action lawsuit with investors who claimed losses on $698 million of securities backed by risky mortgage loans issued by defunct subprime lender New Century Financial Corp.

Lawyers for the investors said in a letter filed in U.S. District Court in Manhattan on Tuesday that a proposed settlement had been reached. Terms were not immediately disclosed, though they are expected to be included in court papers filed by July 31.

Goldman is one of many banks accused by U.S. legislators and regulators of fueling the nation's housing and financial crisis by misleading investors about the quality of mortgage debt they sold.

A federal judge in February ordered Goldman to face the class-action lawsuit that accuses it of defrauding investors in GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans.

The loans were made by New Century, a subprime mortgage specialist that went bankrupt in 2007.

The investors, led by the Public Employees' Retirement System of Mississippi, contend the offering documents contained materially untrue statements about the underwriting and appraisal standards used by California-based New Century, the mortgage originator. Goldman securitized and issued the certificates.


[PREV] [1] ..[870][871][872][873][874][875][876][877][878].. [1966] [NEXT]
All
Law Firm News
Headline News
Law Center
Court Watch
Legal Interview
Topics
Lawyer News
Legal Focuses
Opinions
Marketing
Politics
Firm News
Court: Idaho nuclear waste d..
Kushner firm seeks court cha..
Wisconsin Supreme Court prim..
Supreme Court blocks some re..
Court allows Pennsylvania to..
Greek court postpones decisi..
Prosecutor asks for prison t..
Court: Lawsuit alleging coer..
Samsung heir freed after app..
Supreme Court delays order f..
Court seems to favor death r..
Officials ask court to send ..
Malaysia's top court annuls ..
Top Pakistani court orders a..
Analysis: Outside groups may..


   Lawyer & Law Firm List
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
New Rochelle Oil and Gas Industry Law Firm
www.kboattorneys.com
Canton Family Lawyer
Canton Divorce Lawyer
cantoncriminalattorney.com
 
 
© Law Firm Planner. All rights reserved. - Legal News and Articles on Recent US Legal Developments.

The content contained on the web site has been prepared by Law Firm Planner Media as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. Legal Blog postings and hosted comments are available for general educational purposes only and should not be used to assess a specific legal situation. Law Firm Website Design by Best Lawyer Website Design- Attorney Web Design That Works