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Case Status:    SETTLED
On or around 08/28/2017 (Date of order of distribution of settlement)

Filing Date: September 30, 2010

According to a press release dated October 4, 2010, the complaint alleges that the Defendants violated section 10(b) of the Securities Exchange Act of 1934 and New York common law in structuring, offering and selling to plaintiff and other investors the Hudson CDO Securities. More specifically, plaintiff alleges that in a classic case of “heads we win, tails you lose,” the Defendants failed to disclose to investors both that the Hudson CDO Securities were structured by Defendants such that they were doomed to lose value, and that Goldman would profit from its own short positions when the Hudson CDO Securities did lose value. The securities issued by the Hudson 1 CDO reportedly suffered their first ratings downgraded in early September of 2007; by the end of 2007, at least $280 million of the securities were downgraded; and by at least mid-2008, the Hudson 1 CDO’s AAA-rated securities had been downgraded to junk status. In addition, certain principal of the Hudson 1 CDO securities was reportedly paid off in or about April and May of 2009, with investors in several of the tranches losing millions of dollars, as alleged more fully in the complaint.

Similarly, by the end of 2007, at least $144 million of the securities issued by the Hudson 2 CDO had been downgraded. On August 20, 2008, $286 million of the securities issued by the Hudson 2 CDO were further downgraded by Standard & Poor’s.

On December 07, 2010, an Order Consolidating Any Subsequently-Filed Related Cases, Appointing Lead Plaintiff And Approving Lead Plaintiff's Choice Of Counsel was issued by the Court.

On February 4, 2011, an amended complaint for violations of securities laws was filed by the lead plaintiffs against the defendants.

On March 21, 2012, the Court issued an Order granting in part and denying in part defendants' motions to dismiss.

On December 14, 2012, the Plaintiff filed a Notice of Voluntary Dismissal, dismissing without prejudice claims against certain defendants.

On January 22, 2014, the Court issued an Order granting the Motion of the plaintiff for Class Certification.

On September 8, 2015, the Court issued an Order granting the motion for summary judgment of the main bank defendants.

On February 11, 2016, the parties filed a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on February 16.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 10-CV-07497
JUDGE: Hon. Barbara S. Jones
DATE FILED: 09/30/2010
CLASS PERIOD START: 12/05/2006
CLASS PERIOD END: 09/30/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Frydman LLC
    18 East 48th St., 10th Floor , Frydman LLC , NY 10017
    212.355.9100 212 355 8988 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 10-CV-07497
JUDGE: Hon. Barbara S. Jones
DATE FILED: 02/04/2011
CLASS PERIOD START: 12/05/2006
CLASS PERIOD END: 04/27/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
No Document Title Filing Date