The Police and Fire Retirement System of the City of Detroit v. Goldman Sachs & Co. et al
| The Police and Fire Retirement System of the City of Detroit |
| Goldman Sachs & Co., Goldman Sachs Mortgage Company, GS Mortgage Securities Corp., Daniel L. Sparks, Michelle Gill and Kevin Gasvoda |
| 1:2010cv04429 |
| June 3, 2010 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| New York |
| Miriam Goldman Cedarbaum |
| Securities/Commodities |
| 15 U.S.C. ยง 77 Securities Fraud |
| Plaintiff |
Follow case documents by RSS
Available Case Documents
The following documents for this case are available for you to view or download:
| Document Text |
|---|
Filing
85
OPINION: For the foregoing reasons, Defendants' motion to dismiss is denied, except with respect to PFRS's claim that the offering documents misled investors as to the rating agencies' opinions, for which the motion is granted. PFRS's motion to amend is denied. SO ORDERED. (Signed by Judge Miriam Goldman Cedarbaum on 3/27/2014) (ajs)
|
|
Filing
46
MEMORANDUM OPINION AND ORDER: re: 32 MOTION to Dismiss Amended Class Action Complaint. filed by Goldman Sachs Mortgage Company, Daniel L. Sparks, Kevin Gasvoda, Goldman Sachs & Co., Michelle Gill, GS Mortgage Securities Corp. According to th e complaint, PFRS sold its certificates on October 5, 2009, at a loss of $165,877.05. PFRS alleges that Defendants made numerous misrepresentations in the offering documents that created the impression that investing in the Loan Trust was less r isky than it actually was. Defendants counter that PFRS suffered no injury because the 6A-1 certificates have made all scheduled payments, both during the time PFRS owned them and after PFRS sold. PFRS alleges that it suffered injury when the certifi cates were downgraded by the ratings agencies, thus making them less valuable. However, given that the certificates have never missed a payment and that the downgrade occurred during the midst of the housing crisis, this is not enough to show injury. PFRS has failed to allege that any of the misrepresentations specified in the complaint applied to the particular mortgages underlying the certificates it purchased. The motion to dismiss is granted with leave to PFRS to file an amended complaint by no later than July 9, 2012, setting out with specificity how the alleged misrepresentations made by Defendants affected the value of the particular certificates it purchased. The Clerk of the Court is directed to close the motion. (Signed by Judge Miriam Goldman Cedarbaum on 5/31/2012) (jfe)
|
Use the links below to access additional information about this case on the US Court's PACER system. A subscription to PACER is required.
Access this case on the New York Southern District Court's Electronic Court Filings (ECF) System
- Search for Party Aliases
- Associated Cases
- Attorneys
- Case File Location
- Case Summary
- Docket Report
- History/Documents
- Parties
- Related Transactions
- Check Status
Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.
