Suit against Goldman Sachs over RMBS obtains class-action status. ( yayyy)
A pension fund suing Goldman Sachs ($117.53 4.14%) for selling investors $698 million in high-risk, mortgage-backed securities obtained class-action status this week.
Class action allows multiple plaintiffs to pursue the same cause of action in court.
U.S. District Court Judge Harold Baer Jr. out of New York granted the lead plaintiff in the case, Public Employees' Retirement System of Mississippi, and similarly situation plaintiffs class-action status.
The Mississippi pension system filed the initial complaint, alleging Goldman's one-time offering of certificates backed by mortgages originated by New Century Financial led to deep losses within the public retirement fund.
more:
http://www.housingwire.com/article/suit-against-goldman-sachs-over-rmbs-obtains-class-action-status