Goldman agrees to settle mortgage debt class action
Legal Events
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.
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Car Accident Lawyers in New Rochelle, New York
If you have gotten in a car accident, it could seriously change your life. Whether the accident was caused by the other party’s fault or a fault of your own, you’ll want to to make sure that you are ready to prepare yourself for any cases that might follow.
Immediately following any type of car accident, it is important to take certain steps to ensure that the courts will treat you with respect and fairly. First, assess your mental and physical condition. Make sure right after the accident, you document any information regarding the accident and situation, it can be of great help later on.
You’ll want to make sure that you seek professional help for any medical conditions you may be experiencing. Do not wait to seek medical attention, you’ll want to make sure that you have documented evidence of the injury that was caused by the accident. The amount of treatment is also taken into consideration in every case.