A federal judge has refused to dismiss a class action alleging Goldman Sachs sold substandard synthetic collateralized debt obligations to its customers at the same time it was betting the price of those instruments would fall.
In a suit brought by shareholders who claimed revelations that Goldman Sachs was playing both sides of the fence caused a drop in their share prices, U.S. District Judge Paul Crotty in New York rejected the defense that misstatements or omissions made by the bank were not material.
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