EToys IPO Suit Against Goldman Heads To NY High Court
By Brian Mahoney (September 7, 2012, 4:13 PM EDT) -- New York's highest court agreed Thursday to hear an appeal from now-defunct online toy retailer eToys Inc. accusing Goldman Sachs Group Inc. of breaching its fiduciary duty to the company by undervaluing its $178 million initial public offering.
The order from the Court of Appeals of the State of New York allows eToys to challenge a lower court's 2011 summary judgment dismissal of its suit alleging Goldman breached its fiduciary relationship by underpricing the retailer's IPO for the benefit of investor-clients.
"We are gratified to see that the Court of Appeals has taken on an issue that we believe is of great importance...
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