This month we discuss a case in which the Court of Appeals overturned the dismissal of a $120 million lawsuit against Goldman Sachs arising out of the subprime mortgage crisis and two cases involving statutes of limitations. In one, the court determined when a prior action terminates for purposes of the tolling provisions of CPLR 205(a). In another, the court found the statute of limitations inapplicable to an action to cancel an interest in real property based on an allegedly forged deed.
Claims Reinstated
The court’s decision in ACA Financial Guaranty Corp. v. Goldman, Sachs & Co. has received a fair amount of attention from the press and the financial industry. In that case, the court reversed a decision of the Appellate Division, First Department, that had dismissed a bond insurer’s $120 million claim that Goldman Sachs made misrepresentations concerning a pool of securities backed by subprime mortgages before the outbreak of the recent financial crisis.
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