Goldman faces lawsuits over $15.8 billion in mortgages

15/11/2011 23:08

Source: Reuters

Goldman Sachs Group Inc faces lawsuits over $15.8 billion worth of mortgage securities, the bank said in a regulatory filing on Wednesday, a more than 30-fold increase from the amount disclosed three months earlier.

The aggregate figure, which is up from $485 million previously, does not represent how much money Goldman management estimates it may lose on the litigation. Goldman lifted that estimate of "reasonably possible" losses to $2.6 billion from $2 billion.

The bigger dollar figures come as investors in mortgage-backed bond deals have raced to take legal action or enter settlement negotiations before statutes of limitations expire, and as investors continue to worry about banks' exposure to big lawsuits.

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