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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!