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NU Online News Service, July 9, 2:28 p.m. EDT

Liberty Mutual Insurance Company has sued Goldman Sachs & Co., alleging that the investment bank misled the insurer about two now-worthless preferred stock offerings of the Federal National Mortgage Association (Fannie Mae).

The securities fraud action filed in U.S. District Court in Massachusetts claims Goldman Sachs made “materially misleading statements and omissions” in connection with $62.5 million the insurer invested in the stock offerings, which were underwritten by the bank.

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