After throwing out a putative class action against Goldman Sachs twice before, a federal judge has switched gears on the mortgage securities suit brought by Detroit police and fire retirees and allowed it to proceed.
The Police and Fire Retirement System of the City of Detroit first took to the courts in 2010, alleging that its pension fund had suffered losses due to Goldman Sachs’ false and misleading statements about the health of mortgage loans it backed, many of which were based on inflated and undocumented income and property appraisals.
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