Basis Yield Alpha Fund v. Goldman Sachs Group, Inc.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Renwick J.
This is a case of a Wall Street firm (Goldman Sachs) being accused of selling mortgage-backed securities it knew to be “junk” and then betting against the same securities as the 2007 financial crisis unfolded. Specifically, plaintiff, Basis Yield Alpha Fund (Basis), a fund managed by an Australian hedge fund, Basis Capital Fund Management, commenced this action against several Goldman Sachs-related entities over investments in subprime mortgage-linked securities that contributed to the fund’s demise.1 The transactions took place on April 17 and June 13, 2007,…
2Cases cited26 opinions
- Guggenheimer v. GinzburgNew York Court of Appeals · 1977
- Rovello v. Orofino Realty Co.New York Court of Appeals · 1976
- Mandarin Trading Ltd. v. WildensteinNew York Court of Appeals · 2011
- Danann Realty Corp. v. HarrisNew York Court of Appeals · 1959
- Rudman v. Cowles Communications, Inc.New York Court of Appeals · 1972
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3Cited by58 opinions
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- Kumiva Group, LLC v. Garda USA Inc.Appellate Division of the Supreme Court of the State of New York · 2017
- King Penguin Opportunity Fund III, LLC v. Spectrum Group Mgt. LLCAppellate Division of the Supreme Court of the State of New York · 2020
- Loreley Financing (Jersey) No. 28, Ltd. v. Merrill Lynch, Pierce, Fenner & Smith Inc.Appellate Division of the Supreme Court of the State of New York · 2014
- Michael R. Gianatasio, PE, P.C. v. City of New YorkNew York Supreme Court · 2016
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