On July 21st, a Federal District Court dismissed without prejudice a lawsuit alleging that Goldman Sachs made materially misleading statements in its sale of securities in a collateralized debt obligation known as Timberwolf. Noting that the transaction involved Cayman Island entities and referring to the Supreme Court's opinion in Morrison v. National Australia Bank, Ltd., 130 S. Ct. 2869 (2010), the District Court found that plaintiff failed to allege that the purchase and sale of the securities occurred in the U.S. Basis Yield Alpha Fund (Master) v. Goldman Sachs Group, Inc.