Goldman Sachs is in talks over a potential settlement with an investor that claims it lost money and went out of business after buying into a $1bn mortgage-backed security that was later privately criticised by a senior executive at the bank.
Basis Yield Alpha Fund, a hedge fund, is seeking compensation over its $100m investment in Timberwolf, a complex security, according to several people familiar with the matter. Timberwolf plummeted in value months after it was launched in March 2007, at a time when Goldman had already decided to reduce its exposure to the US housing market.
The talks are at a preliminary stage and there is no certainty they will lead to a settlement.
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