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.