An Australian hedge fund manager said it has filed a lawsuit against Goldman Sachs Group seeking more than $1bn in damages after losing money in troubled mortgage-linked securities. Basis Capital’s Basis Yield Alpha Fund alleges it was defrauded when it purchased $78m of the Timberwolf synthetic collateralized debt obligations (CDOs) being sold by Goldman in June 2007. The Sydney-based hedge fund manager said in the suit that Goldman knew at the time that the securities were doomed as the mortgage market began to show cracks.
Goldman being sued by hedge fund over toxic CDOs
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