EToys IPO Suit Against Goldman Heads To NY High Court

Law360, New York (September 07, 2012, 4:13 PM ET) -- New York's highest court agreed Thursday to hear an appeal from now-defunct online toy retailer eToys Inc. accusing Goldman Sachs Group Inc. of breaching its fiduciary duty to the company by undervaluing its $178 million initial public offering. 

The order from the Court of Appeals of the State of New York allows eToys to challenge a lower court's 2011 summary judgment dismissal of its suit alleging Goldman breached its fiduciary relationship by underpricing the retailer's IPO for the benefit of investor-clients.

"We are gratified to see that the...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers