The U.S. Supreme Court has refused to consider an appeal by Goldman Sachs Group Inc. to reverse a lower court's decision that forces the lender to defend itself against a class action lawsuit filed by a pension fund.
According to combined media reports, the court declined to hear Goldman Sachs' appeal of a September 2012 decision by the 2nd U.S. Circuit Court of Appeals in New York, which gave the NECA-IBEW Health & Welfare Fund permission to sue the lender. In its lawsuit, the fund claimed that Goldman Sachs' investment materials for 17 offerings of mortgage-backed certificates contained misleading information.
Goldman Sachs argued that the fund did not have the right to sue over all 17 offerings because it only invested in two of them. The Supreme Court allowed the lower court's ruling to stand without issuing a comment on its decision.