2nd Circ. Reverses Class Cert. In Goldman Abacus Fraud Suit

Law360, New York (January 12, 2018, 8:07 PM EST) -- The Second Circuit on Friday reversed a lower court decision certifying a class of shareholders accusing Goldman Sachs of lying about its ethical compliance just before they lost $1 billion in the Abacus collateralized debt obligation, saying the earlier ruling may have held Goldman to a standard of proof that was too high.

A three-judge panel found that Goldman Sachs Group Inc. should get another shot to rebut claims that alleged misrepresentations by the bank impacted its stock price. The ruling said U.S. District Judge Paul A. Crotty held Goldman to the wrong standard of proof when he found that Goldman...

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