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Goldman to face hedge fund lawsuit

Sydney Morning Herald – Wall Street titan Goldman Sachs will have to defend claims that it deliberately sold toxic subprime mortgages to an Australian hedge fund in 2007 as the US housing market began to unravel.

The New York Supreme Court has denied Goldman Sachs’ bid to dismiss the $1.07 billion class action, which alleges fraud, unjust enrichment and negligence in connection to its sale of toxic mortgage-linked securities to Basis Yield Alpha Fund Master (BYAFM) in 2007.

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