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Court dismisses Goldman Sachs hedge fund appeal

Sydney Morning Herald – An Australian hedge fund that lost $US67 million when it bought toxic mortgages from Goldman Sachs is a step closer to having its day in court against the investment bank, after a New York court quashed Goldman’s attempt to have the case thrown out.

In a case launched in 2010, Basis Yield Alpha Fund is claiming the Wall Street giant engaged in fraud when it sold sub-prime securities it knew were junk in 2007, and then bet against the assets when the global financial crisis hit.

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