Ex-SEC Chairs, States Back Goldman Investors In Cert. Fight

Law360 (March 3, 2021, 10:19 PM EST) -- Two former U.S. Securities and Exchange Commission chairs, along with attorneys general from 16 states, have thrown their support behind a class of Goldman Sachs investors fighting in the U.S. Supreme Court to remain certified.

Former SEC heads William Donaldson and Arthur Levitt joined with other agency alumni in an amicus brief Wednesday urging the high court to affirm a Second Circuit decision not to decertify the Goldman investor class in a long-running securities suit that hinges on the so-called "inflation-maintenance theory" — the idea that misstatements can fraudulently keep an artificially boosted stock price from dropping.

While the Second Circuit panel...

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