NEW YORK: Goldman Sachs Group Inc must face a lawsuit in which Prudential Financial Inc accused the Wall Street bank of defrauding it into buying more than $375 million of residential mortgage-backed securities it knew were unsafe.
U.S. District Judge Susan Wigenton in Prudential's hometown of Newark, New Jersey said the second-largest U.S. life insurer adequately alleged Goldman's deception about the quality of certificates that several Prudential affiliates had bought from 16 securitizations between February 2004 and December 2008.
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