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Court Dismisses Billion Dollar Securities Fraud Action Against BSF Client Goldman Sachs


BSF was engaged in June 2010 to defend Goldman Sachs in a fraud action growing out of a derivatives transaction. Basis Yield Alpha Fund -- run by Basis Capital Group, an Australian investment firm -- sued various Goldman Sachs entities. Basis was alleging securities violations and fraud in connection with its sale of credit protection related to Timberwolf 2007-1, a collateralized debt obligation (“CDO”).  Relying on the Supreme Court’s decision in Morrison v. National Australia Bank, Ltd., BSF sought dismissal of the case.  It achieved that result on July 21, 2011.  

BSF continues to represent Goldman in other similar civil actions stemming from the derivatives market meltdown.

Please follow the below links for media coverage of this case.

American Lawyer, July 22, 2011
Boies Schiller Knocks Out $1 Billion Suit over 'Shitty' Goldman Sachs CDO on Morrison Grounds

The Wall Street Journal, July 22, 2011
Mortgage Win for Goldman

Bloomberg, July 21, 2011
Basis Swap Deal Is Australian, Can’t Sue in U.S., Judge Rules

Reuters, July 21, 2011
Goldman wins dismissal of Timberwolf CDO lawsuit

Am Law Litigation Daily, June 15, 2010
Goldman Taps Boies Schiller to Defend Hedge Fund's Timberwolf Suit

Reuters, June 11, 2010
Goldman's CDO woes mean dollar signs for lawyers

Wall Street Journal, June 10, 2010
Goldman Faces $1 Billion Suit

Bloomberg, June 10, 2010
Goldman Sued by Hedge Fund Basis Capital Over Timberwolf CDO

Reuters, June 10, 2010
Goldman sued by hedge fund over notorious CDO deal

Financial Times, June 10, 2010
Goldman sued for $1bn by hedge fund

Am Law Litigation Daily, June 10, 2010
Goldman's 'One Shitty Deal' Prompts $1 Billion Suit

Reuters, June 9, 2010
Goldman unlikely to settle Timberwolf: source

Related Lawyers: Jonathan D. Schiller, David R. Boyd, , Alanna C. Rutherford, Robert J. Dwyer, , , ,

Related Practice: Securities Litigation