Goldman Ruling Unlikely To Move Needle On Class Actions

By Dean Seal (June 22, 2021, 8:07 PM EDT) -- The U.S. Supreme Court's decision on Monday to vacate certification for a class of Goldman Sachs investors is a temporary win for the bank, but may do little to prevent future securities claims from achieving class status, experts told Law360.

The majority opinion, penned by Justice Amy Coney Barrett, remanded the decade-old case to the Second Circuit for clarification on whether a split appellate panel properly considered the generic nature of Goldman's alleged misstatements about avoiding conflicts of interest when it ruled that the bank failed to prove those statements did not impact its stock price.

Both the bank and the...

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