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Judge Rules Goldman Must Face Lawsuit Over Mortgage Securities
Source: NBC
NEW YORK — A proposed class action by a Detroit pension fund accusing Goldman Sachs of misleading investors about mortgage-backed securities can go forward, a federal judge has ruled.
Filed in 2010 by Detroit's police and fire retirement system, the lawsuit accused Goldman of misrepresenting the standards used to qualify borrowers for mortgage loans that were pooled into securities and bought by the fund.
The lawsuit is one of thousands filed against Goldman and other banks over mortgage securities that collapsed in value in the wake of the 2007-2008 financial crisis.
Read more: http://www.nbcnews.com/business/business-news/judge-rules-goldman-must-face-lawsuit-over-mortgage-securities-n65726
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