Goldman Sachs Facing $120 Million Suit Over Mortgage Securities
The New York Court of Appeals decided 5-2 on Thursday that a $120 million suit facing Goldman Sachs should move forward.
Goldman Sachs was hit with the suit by ACA Financial Guaranty Corp., which claims the financial corp “lied about a pool of securities backed by subprime mortgages during the period leading up to the financial crisis.”
According to Reuters, Goldman spokesperson Michael DuVally says the firm is disappointed with the decision but “confident that…these contrived claims will fall.”
Image via Wikimedia Commons/Goldman Sachs