Construction Union Health and Pension Funds Taking Banks to Account for Mortgage Malevolence

[Omaha Steve]

http://wepartypatriots.com/wp/2013/03/21/construction-union-health-and-pension-funds-taking-banks-to-account-for-mortgage-malevolence/

The United States Supreme Court last week refused to hear an appeal by financial institution Goldman Sachs that sought to halt a class action settlement which alleges the company provided false and misleading information about mortgage backed securities it had underwritten.

On Monday, after the news broke, Goldman Sachs saw its share drop 2 points. The appeal was of a decision made last year by the New York-based Second U.S. Circuit Court of Appeals. In that decision, the court ruled that investor NECA-IBEW Health & Welfare Fund (yes, the International Brotherhood of Electrical Workers) could sue Goldman Sachs for providing misleading information on 17 offerings of mortgage-backed certificates although they had only invested in two of them. Goldman Sachs has estimated that a class action lawsuit could cost them tens of billions of dollars.

FULL story at link.

About the Author: Chaz Bolte
Chaz Bolte is a native of Pittsburgh, PA where he attended Slippery Rock University. He currently contributes to WePartyPatriots, Addicting Info, Secret Party Room, and Football Nation. You can follow him on Twitter @ChazBolte

[reteachinwi]

1. Labor unions protect more than their members.

They raise standards for all working people.

. These class action suits may be the only chance for retribution against the banks that helped create the financial crisis for those most devastated by the economic downturn.