Goldman Sachs this week asked a federal court in Los Angeles to dismiss a billion-dollar private label MBS related lawsuit brought against the firm by the National Credit Union Administration.

In court pleadings tied to the failure of two corporate credit unions – U.S. Central FCU and WesCorp FCU – Goldman argued the risks associated with $1.1 billion of mortgage-backed securities it underwrote for the two corporate giants were adequately disclosed in voluminous offering prospectuses.

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