Goldman Sachs Group Inc. was sued in New York by Sealink Funding Ltd. and accused of fraud in the sale of $587 million in mortgage securities.
Goldman Sachs made misrepresentations about the loans underlying the securities, leading to losses on the bonds, Sealink said in papers filed today in New York State Supreme Court in Manhattan.
Sealink was created to manage Landesbank Sachsen AG’s riskiest assets after the German lender almost collapsed. It has filed other lawsuits against banks over investments in mortgage bonds, including Deutsche Bank AG, Bank of America Corp. and JPMorgan Chase & Co.
Michael DuVally, a spokesman for New York-based Goldman Sachs, declined to comment on the lawsuit.
The case is Sealink Funding Ltd. v. Goldman Sachs Group Inc., 652810-2012, New York State Supreme Court, New York County (Manhattan).