Overview
As we reported on last month, a settlement has been reached in a securities fraud class action against Goldman Sachs. Today, Judge Baer issued an order tentatively approving the proposed settlement, and setting a hearing date of November 8, 2012 to determine the fairness of the proposed settlement. In the settlement, Goldman Sachs agreed to pay $26.5 million, including $5.3 million in attorneys' fees, to holders of certain Goldman-issued mortgage-backed securities purchased between March 30, 2006 and February 6, 2009. According to the settlement notice, that amounts to an average recovery of $32 per $1,000 face-amount of bonds owned by each class member.