Split 2nd Circ. Rejects Goldman’s Bid To Decertify Class
Law360 (April 7, 2020, 3:42 PM EDT) -- In a split decision Tuesday, a Second Circuit panel ruled against Goldman Sachs’ bid to decertify an investor class and narrow the scope of the “price maintenance theory” — the idea that misstatements can fraudulently keep an artificially boosted stock price from dropping.
The ruling is a major win for a class of Goldman shareholders who say the bank lied to them about conflicts of interest in underwriting a collateralized debt obligation transaction that lost the bank's CDO customers $1 billion. Goldman’s had been successful in its last attempt to overturn certification in the long-running case.
This time around, two members of the...
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