Goldman Sachs has apparently reached a settlement with a class of investors in a $700 million mortgage-backed securities offering. Class counsel Bernstein Litowitz Berger & Grossmann is due to file by July 31 a motion for preliminary approval and a joint stipulation with Goldman’s lawyers at Sullivan & Cromwell. The case, Public Employees’ Retirement System of Miss. v. Goldman Sachs, No. 09-cv-1110, is before Southern District Judge Harold Baer Jr. (See Profile)
The plaintiffs allege Goldman Sachs Group Inc. and various affiliates duped them into investing in a $698 million offering of securities backed by fixed-rate, second-lien home mortgages originated by New Century Financial Corp. Baer certified the class in February and appointed the Public Employees’ Retirement System of Mississippi and Bernstein Litowitz to lead the case.
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