Justices Vacate Goldman Class Cert., Say 'Generality' Matters

Law360 (June 21, 2021, 10:44 AM EDT) -- The U.S. Supreme Court vacated certification in a decade-old investor class action against Goldman Sachs on Monday with an order instructing lower courts to consider whether a company's alleged misstatements are too generic to be relied upon by an entire class of investors.

The largely expected ruling remands Goldman's hotly watched certification challenge to the Second Circuit, where an appellate panel split last year over whether the bank had proven that its corporate statements about avoiding conflicts of interest had not impacted its share price.

Without taking sides on the split, the justices said the Second Circuit majority's opinion in favor...

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