Supreme Court Rejects Goldman Sachs Appeal in Mortgage-Backed Securities Case
By Brent Kendall - Fox Business (Dow Jones)
The U.S. Supreme Court on Monday refused to consider an appeal by subsidiaries of Goldman Sachs Group Inc. (GS) that sought to derail a class-action lawsuit alleging the company provided false and misleading information about mortgage-backed securities it underwrote and issued.
Institutional investor NECA-IBEW Health & Welfare Fund alleged Goldman Sachs' investment materials for 17 offerings of mortgage-backed certificates provided a variety of misleading information, including on the practices of mortgage lenders and the appraisals of the properties backing the securities.
GoldmanSachs666 Message Board
According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage". In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia
Monday, March 18, 2013
Here's a bit of positive news for a class-action lawsuit against Goldman Sachs: