Goldman Sued by AllState Over Mortgage Backed Securities

Allstate has filed similar suits against other financial institutions seeking recovery of $2 billion in losses.  Thus, for those who follow these matters closely, the filing of this particular suit in New York state court should not come as a surprise. However, with the recent investigation of Goldman's dealings with the Libyan Sovereign Investment (and the shockingly poor documentation around those dealings), this is just more bad news for the house of Goldman.

http://www.reuters.com/article/2011/08/15/us-goldman-allstate-idUSTRE77E5UH20110815