Goldman Sachs Sued by BayernLB Over Mortgage Bond Losses

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Goldman Sachs Sued by BayernLB Over Mortgage Bond Losses

Goldman Sachs Sued by BayernLB Over Mortgage Bond Losses

Bloomberg-

Goldman Sachs Group Inc. (GS) was sued by German lender Bayerische Landesbank and accused of fraud over losses on mortgage-backed securities.

BayernLB, which bought about $511.9 million in securities in 16 offerings that Goldman Sachs underwrote, said the securities were riskier than promised and were “destined to fail,” according to a complaint filed yesterday in New York State Supreme Court.

“BayernLB has suffered significant losses as a result of Goldman Sachs’s fraud,” the lender said.

Goldman Sachs and Citigroup Inc. (C) were sued separately yesterday in the same court over mortgage bonds by IKB Deutsche Industriebank AG. (IKB) IKB, a German lender, said it sold $137.4 million in Citigroup securities and $73.2 million in Goldman Sachs securities at a loss.

[BLOOMBERG]

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