Goldman Faces $1 Billion Suit
(Wall Street Journal) –An Australian hedge-fund manager filed a lawsuit seeking more than $1 billion in damages from Goldman Sachs Group Inc., accusing the Wall Street firm of fraudulently selling a “now notorious” financial instrument called Timberwolf. The collateralized debt obligation collapsed when housing prices tumbled in 2007, resulting in steep losses to the $78 million invested by Basis Capital, the hedge-fund manager. The lawsuit, filed Wednesday in U.S. District Court for the Southern District of New York, seeks at least $56 million in damages related to Goldman’s alleged “false representations” and more than $1 billion in punitive damages.
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