Goldman May Have To Buy Its Way Out Of Another Mortgage Mess

Lloyd Blankfein is getting no help from on high with regard to a mortgage-backed securities class-action lawsuit.
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Lloyd Blankfein is getting no help from on high with regard to a mortgage-backed securities class-action lawsuit.

The U.S. Supreme Court turned away an appeal by Goldman Sachs Group Inc. in an investor lawsuit over mortgage-backed securities whose value plummeted during the 2008 financial crisis.

The justices today left intact a federal appeals court ruling that partially backed the NECA-IBEW Health and Welfare Fund, which is pressing the case.

At issue was whether NECA, which bought certificates from two of 17 disputed Goldman Sachs trusts, had legal “standing” to sue on behalf of investors in the other 15 offerings.

Goldman Sachs Rejected by Court on Mortgage Securities [Bloomberg]
Goldman mortgage appeal rejected by Supreme Court [Reuters via Chicago Tribune]

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