Supreme Court Delivers a Blow, Refuses To Hear Goldman Sachs' Appeal To Financial Crisis Lawsuit

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Supreme Court Delivers a Blow, Refuses To Hear Goldman Sachs’ Appeal To Financial Crisis Lawsuit

Supreme Court Delivers a Blow, Refuses To Hear Goldman Sachs’ Appeal To Financial Crisis Lawsuit

The bank has said that letting the 2nd Circuit decision stand could cost Wall Street tens of billions of dollars.

HuffPO-

Goldman Sachs Group Inc suffered a defeat on Monday 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 court refused to consider Goldman’s appeal of a September 2012 decision by the 2nd U.S. Circuit Court of Appeals in New York. Goldman shares sank more than 2 percent.

That court let the NECA-IBEW Health & Welfare Fund, which owned some mortgage-backed certificates underwritten by Goldman, sue on behalf of investors in certificates it did not own, but which were backed by mortgages from the same lenders.

Goldman and other banks have faced thousands of lawsuits by investors seeking to recoup losses on mortgage securities.

[HUFFINGTON POST]

image: AP

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