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ABP Settles RMBS Suit with Goldman Sachs

ai-cio.comApril 19, 2013

By Elizabeth Pfeuti

ABP settles the last in a series of cases brought against investment banks over mortgage-backed securities sales.

(April 19, 2013) -- Dutch pension giant ABP has settled out of court with investment bank Goldman Sachs on a case brought over the sale of residential mortgage-backed securities (RMBS) between 2005 and 2007.

The settlement is the latest agreed by Europe's largest pension fund around its RMBS purchases. In February, ABP settled with Deutsche Bank and in December with JP Morgan on the same issue.

ABP said it had commenced this action, independent of existing class actions brought against the bank on the RMBS matter, in January last year by filing a complaint against the Goldman Sachs entities involved in the securitization and sale of the certificates, and a number of individual defendants, in New York Supreme Court.

ABP alleged that it had "purchased certain RMBS in reliance on false and misleading statements and that these securities were far riskier than had been represented, backed by mortgage loans worth significantly less than had been represented".

Goldman Sachs has denied and continues to deny these claims.

Henk Brouwer, chairman of ABP said: "In 2011 ABP initiated litigation relating to a number of RMBS cases. We now are pleased to see that these cases are concluded satisfactorily one by one. We have full confidence that all will be completed in due course, evidencing that all parties involved are looking to the future leaving past grievances and practices behind them."

Along with the case against Deutsche Bank, this year, the fund has also settled a case brought against pharmaceutical company Merck.


Back to April 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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Call us toll free at 888-758-2352

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

 

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