NU Online News Service, July 11, 4:56 p.m. EDT
Liberty Mutual Insurance Co. and several subsidiaries have filed a lawsuit against Goldman Sachs & Co. claiming the broker misled them in a preferred stock offering for Federal Home Loan Mortgage Corp. (Freddie Mac) late in 2007.
Liberty Mutual invested $37.5 million in the offering. The investment is "virtually worthless," says the complaint, which alleges Goldman violated state and federal securities laws.
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