Goldman: AIG, Allstate, Fannie, Others Threatened Mortgage Lawsuits--Filing
August 09 2011 - 10:14AM
Dow Jones News
Goldman Sachs Group Inc. (GS) said Tuesday in its quarterly
regulatory filing that Allstate Corp. (ALL), John Hancock and
American International Group Inc. (AIG) are among the investors
that have threatened to sue for claims related to mortgage-related
offerings.
Others include Fannie Mae (FNMA), Freddie Mac (FMCC), the
National Credit Union Administration and the Federal Housing
Finance Agency, the investment bank said in a securities filing on
Tuesday.
Goldman has already been facing claims from companies and
investors that lost money from mortgage-related securities. It
lowered its loss estimate for those plaintiffs to $485 million as
of the end of June, from $514 million at the end of March. That
lower figure is included in Goldman's estimate of $2 billion in
"reasonably possible" losses beyond its reserves also disclosed in
the filing.
In the filing, Goldman said Allstate, AIG and the other entities
have threatened to assert claims against it, and it has entered
agreements with some of them to continue to negotiate.
-By Liz Moyer, Dow Jones Newswires; 212-416-2512;
liz.moyer@dowjones.com
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