You are hereChicago Tribune: Pension funds to lead suit vs. Goldman over Abacus

Chicago Tribune: Pension funds to lead suit vs. Goldman over Abacus

March 26, 2011- A Manhattan federal judge on Friday named three pension funds as co-lead plaintiffs in an investor lawsuit against Goldman Sachs Group Inc to recover losses tied to the Wall Street's bank's alleged misleading statements about Abacus, a product linked to subprime mortgages.

U.S. District Judge Paul Crotty designated the Arkansas Teachers Retirement System, the West Virginia Investment Management Board, and the Plumbers and Pipefitters National Pension Group in Alexandria, Virginia to lead six consolidated lawsuits against Goldman and various of its officers and directors.

Crotty said the funds had the largest financial losses connected with the case of any of the proposed plaintiffs. The funds are represented by the law firms Robbins Geller Rudman & Dowd LLP and Labaton Sucharow LLP.

The litigation arose after the U.S. Securities and Exchange Commission last April 16 sued Goldman and Fabrice Tourre, one of its vice presidents, over Abacus, a 2007 collateralized debt obligation transaction.

In its civil complaint, the SEC accused Goldman and Tourre of failing to tell investors that the hedge fund Paulson & Co helped choose bet against securities underlying Abacus.



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