{"id":5852,"date":"2015-08-14T00:00:00","date_gmt":"2015-08-14T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/08\/goldman_sachs_to_pay_272m_to_p"},"modified":"2022-05-06T16:01:02","modified_gmt":"2022-05-06T21:01:02","slug":"goldman-sachs-to-pay-272m-to-p","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/goldman-sachs-to-pay-272m-to-p\/","title":{"rendered":"Goldman Sachs to Pay $272M to Pension Funds In Mortgage Securities Case"},"content":{"rendered":"

Goldman Sachs Group (GS) will pay $272 million to more than 400 bond investors, including two electrical pension funds, to settle a lawsuit alleging that it made misleading disclosures in order to sell mortgage securities <\/a>backed by faulty loans. The lead plaintiff in the case was the NECA-IBEW Health and Welfare Fund, which is an Illinois-based electrical workers pension fund. <\/p>\n

When NECA-IBEW filed its lawsuit against Goldman Sachs in 2008, it contended that not only did it make false statements but also it left out key information about the mortgages it sold into 17 trusts the year before. The plaintiff also said that Goldman misled investors about the underwriting of the loans behind the securities, as well as about the quality of appraisals and whether borrowers were capable of paying back their loans. The fund said that the securities\u2019 prices fell during and after the economic crisis while their credit ratings slipped from triple-A to triple C junk grades. <\/p>\n

Writing about the complaint in 2008, HousingWire Publisher Paul Jackson said that some of the claims were over the alleged use of inflated appraisals by the originating entities. He noted that many of the loans in the trusts were of the no-doc, reduced-doc, stated-income ilk, which the plaintiff believes are fraudulent.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Goldman Sachs Group (GS) will pay $272 million to more than 400 bond investors, including two electrical pension funds, to settle a lawsuit alleging that it made misleading disclosures in order to sell mortgage securities backed by faulty loans. The lead plaintiff in the case was the NECA-IBEW Health and Welfare Fund, which is an […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3947,4001,3757,3957],"tags":[],"class_list":["post-5852","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-goldman-sachs","category-mortgage-fraud","category-mortgagebacked-securities","category-pension-funds"],"yoast_head":"\nGoldman Sachs to Pay $272M to Pension Funds In Mortgage Securities Case — Investor Lawyers Blog — August 14, 2015<\/title>\n<meta name=\"description\" content=\"Goldman Sachs Group (GS) will pay $272 million to more than 400 bond investors, including two electrical pension funds, to settle a lawsuit alleging that — August 14, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, 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