On August 13, 2015, union pension fund NECA-IBEW Health & Welfare ("NECA") and the Police and Fire Retirement Systems of the City of Detroit ("PFRS"), acting on behalf of proposed classes of institutional and individual investors, requested preliminary approval for a $272 million settlement with Goldman Sachs Group Inc. The proposed settlement would conclude lawsuits in which NECA and PFRS alleged that Goldman Sachs had made numerous misstatements about the loans underlying $6 billion in RMBS offerings. Stipulation and Agreement of Settlement. Memorandum ISO Preliminary Approval.
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