Subscribe to this blog's feed

Categories

Archives

About

Blog powered by Typepad

Google

  • Google
    Google

    WWW
    insuranceclaimsbadfaith.typepad.com

Disclaimer

  • REMINDER: THE CONTENTS OF THIS BLOG DO NOT MAKE AN ATTORNEY-CLIENT OR OTHER PROFESSIONAL RELATIONSHIP. ALWAYS CONSULT THE CASES AND LAWS OF EACH PARTICULAR JURISDICTION AND AN ATTORNEY IN AND FAMILIAR WITH THE PARTICULAR JURISDICTION AND ITS LAWS, WHENEVER YOU TRY TO ADDRESS OR RESOLVE ANY LEGAL QUESTION.
    The information provided on this site is informational, only. We cannot represent, guarantee or warrant that the information contained in this site is appropriate for the usage of any particular reader. We are independent of cross links and do not warrant their accuracy or applicability. We are located in Florida and comply with all ethical rules of the Florida Bar. Some States may require the wording "This is an advertisement" or other words or information of this nature. Reading email or Comments, or replying to email or Comments, or accepting telephone calls or returning telephone calls shall not be considered legal advice. We require that all agreements for professional services be in writing and signed by Mr. Wall, the Firm and the client, whether for Legal Services, Consulting Services, or Expert Witness.

« Smile When You're Silent, Pardner ... Colorado Court Dismisses Extracontractual Claims. | Main | Washington State Bad Faith and Statutory Claims. »

July 10, 2011

Securities Fraud Alleged by Insurance Companies Suing Goldman Sachs.

   A new lawsuit was reportedly filed by Liberty Mutual, Safeco, and Peerless Insurance Companies vs. Goldman Sachs.

   These Insurance Companies-Plaintiffs are apparently suing Goldman as investors.  Their lawsuit does not seem to have much if anything to do with the fact that they are Insurance Companies.  See Don Jeffrey, "Liberty Mutual, Safeco Sue Goldman Alleging Securities Fraud" (Bloomberg.com, Thursday, July 7, 2011).

   The basis of their lawsuit is reportedly that Goldman was  "making misleading statements and omissions'" about a Federal Home Loan Mortgage Corporation a/k/a "Freddie Mac" "preferred-stock offering".  Allegedly, the shares "were backed by 'billions of dollars in subprime residential mortgages,' the suit claimed."  Jeffrey/Bloomberg, supra.

   The lawsuit seems to be accessible on Pacer.  It is identified in the linked report as Case No. 11-11194 in the United States District Court for the District of Massachusetts.  Your comments are invited.  I too plan to take a look at the complaint to see if it alleges more than what has been popularly reported about this interesting lawsuit.

Please Read The Disclaimer. 

Posted by on July 10, 2011 at 08:55 AM in Damages, Fraud, Market Performance |

Comments

The comments to this entry are closed.