2nd Circ. Tosses Goldman Sachs Derivative Suit

Law360, New York (December 16, 2009, 3:00 PM EST) -- A federal appeals court has upheld a lower court's dismissal of a shareholder derivative suit seeking to void the 2008 elections of the Goldman Sachs Group Inc. board of directors.

A three-judge panel of the U.S. Court of Appeals for the Second Circuit issued a summary ruling Monday saying that Jeffrey W. Bader's complaint against Goldman Sachs and its board of directors could not survive because Bader had did not first bring his complaints to the board before filing suit, as required under the Securities Exchange...
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