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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".[1] 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

Wednesday, May 8, 2013

Another Lawsuit Against Goldman Sachs

CIFG Assurance North America is suing Goldman Sachs over $275 million in mortgage-backed securities.  The claim was first thrown out but that decision was reversed.  The decision may influence the claims of other lawsuits.
Goldman Sachs must face fraud claims from insurer - New York court
By Joseph Ax - Reuters (The West Australia)

NEW YORK (Reuters) - Goldman Sachs Group Inc must face fraud claims brought by CIFG Assurance North America over insurance it provided for $275 million (177 million pounds) in mortgage-backed securities, a New York state appeals court ruled on Tuesday.

CIFG claimed in a 2011 lawsuit that the investment bank fraudulently induced it to provide insurance for a portfolio of more than 6,000 subprime residential mortgages by concealing the shoddy quality of the loans.

A trial judge in Manhattan threw out that claim last year, ruling that CIFG would have uncovered the alleged misrepresentations had it performed proper due diligence.

The New York State Supreme Court's Appellate Division, First Department, reversed on Tuesday, finding that CIFG had done enough by having an outside consultant analyze the loans.

Read the rest of the article here


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