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

Jonathan Schiller
Jonathan D. Schiller, Founding Partner
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Robert Dwyer
Robert J. Dwyer, Partner
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JULY 21, 2011

In the News

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.

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