Kohn Swift brought a suit on behalf of the Police and Fire Retirement System of the City of Detroit (“PFRS”) and a proposed class of all persons who acquired the GSR Mortgage Loan Trust 2007-4F Mortgage-Backed Certificates (collectively, the “Certificates”) of defendant GS Mortgage Securities Corp. (“GS Mortgage”) pursuant and/or traceable to a false and misleading Registration Statement filed with the SEC on January 31, 2007 and its accompanying Prospectus and Prospectus Supplements (collectively, the “Offering Documents”). The case is captioned Police and Fire Ret. Sys. of the City of Detroit v. Goldman Sachs & Co., et al, 1:10-cv-04429-MGC.
PFRS filed the initial complaint in this matter on June 3, 2010 in the United States District Court for the Southern District of New York. Defendants subsequently moved to dismiss the complaint. After Defendants’ motion to dismiss was denied with respect to the Second Amended Complaint, counsel engaged in discovery. On March 20, 2015, PFRS served Defendants with its motion for class certification, which included a report from PFRS’s expert. Shortly after PFRS served Defendants with this motion, Defendants indicated they were willing to engage in settlement discussions.
On August 13, 2015, PFRS and Plaintiffs in a similar action, NECA-IBEW Health & Welfare Fund v. Goldman Sachs & Co., 1:08-cv-10783-MGC, reached a joint settlement agreement with Defendants for $272 million. The Settlement has been presented to the Court and is awaiting preliminary approval.
Documents: Second Amended Complaint; March 27, 2014 Opinion, Motion for Preliminary approval of the Settlement.