March 20, 2017 / 9:34 PM / in a year

Goldman not liable for fraud in auction-rate lawsuit - ruling

A federal judge in Manhattan has tossed a lawsuit accusing Goldman Sachs of fraudulently promoting risky auction-rate securities, causing major losses to a nonprofit hospital in New Mexico when the $330 billion market collapsed in 2008.

In a decision on Friday, U.S. District Judge Alison Nathan rejected claims that Goldman Sachs deceptively propped up the market for auction-rate securities by buying them for its own inventory, making it appear as if there were more demand than there actually was.

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