Wolf Haldenstein Recovers over $272 million from Goldman Sachs on behalf of Defrauded Shareholders

Wolf Haldenstein Recovers $272 Million from Goldman Sachs on Behalf of the City of Detroit Police & Fire Retirement System and all Shareholder Class Members

Wolf Haldenstein served as co-counsel to the Police and Fire Retirement System of the City of Detroit (“PFRS”), a public pension fund, in a securities class action against Goldman Sachs regarding a mortgage-backed security issued in 2007. PFRS alleged that the security’s offering documents contained false and misleading statements relating to, among other things, the true quality of the mortgages upon which the security was based. Investor damages from this and a related matter were estimated to be over one billion dollars.

The Firm successfully overcame three separate motions to dismiss as well as engaged in extensive discovery. Along with the plaintiff from a related action the parties entered into a combined settlement which provided for $272 million in compensation for purchasers of a group of mortgage-backed securities. There were no objections to the settlement, which was approved without modification by Chief Judge Preska of the Southern District of New York on May 2, 2016.

Wolf Haldenstein has more than forty years of experience litigating complex securities and shareholder actions. A leader in plaintiffs’ contingency-based litigation, the Firm has recouped over seven billion dollars ($7 billion) on behalf of shareholders.