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BASIS YIELD v. GOLDMAN SACHS GROUP, INC.

652996/11, 10150

115 A.D.3d 128 (2014)

980 N.Y.S.2d 21

2014 NY Slip Op 587

BASIS YIELD ALPHA FUND (MASTER), Respondent, v. GOLDMAN SACHS GROUP, INC., et al., Appellants.

Appellate Division of the Supreme Court of New York, First Department.

Decided January 30, 2014.

Attorney(s) appearing for the Case

Boies, Schiller & Flexner LLP, New York City ( Philip M. Bowman , Jonathan D. Schiller and Thomas Ling of counsel), for appellants.

Lewis Baach PLLC, New York City ( Bruce R. Grace , Eric L. Lewis and Courtney L. Weiner of counsel), for respondent.

TOM, J.P., ACOSTA and RICHTER, JJ., concur with RENWICK, J.; DEGRASSE, J., concurs in a separate opinion.

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...

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