In U.S. Supreme Court Loss, Goldman Sachs Must Defend 2008 Financial Crisis Claims
On March 18, 2013, Goldman Sachs Group Inc. suffered a defeat as the U.S. Supreme Court let stand a decision forcing it to defend against claims it misled investors about mortgage securities that lost value during the 2008 financial crisis. Without comment, the U.S. Supreme Court refused to consider Goldman’s appeal of a September 2012 decision.
This U.S. Supreme Court decision allows the NECA-IBEW Health & Welfare Fund, which owned mortgage-backed certificates underwritten by Goldman, to sue on behalf of investors in certificates it did not own, but that were backed by mortgages from the same lenders. This case will now proceed toward a possible trial.
Goldman Sachs, and other banks, have faced thousands of lawsuits by investors seeking to recoup losses on mortgage securities.
The Doss Firm, LLC represents investors nationwide who have lost money as a result of investment fraud or due to faulty investment advice. If you believe that you may be a victim of investment fraud and would like to speak with us, please call our firm for a free consultation.