Goldman Fights Investors' Cert. After 2nd Circ. Reversal

Law360 (April 13, 2018, 9:39 PM EDT) -- Goldman Sachs urged a New York federal judge on Friday to reject a certification bid by a proposed class of shareholders who claim the bank’s misrepresentations caused its stock to drop, arguing that the statements didn't impact the stock's value based on the Second Circuit's “preponderance of evidence” standard.

In an opposition brief, Goldman Sachs Group Inc. argued that the preponderance of evidence shows the bank's statements didn’t cause the stock to drop and therefore the class can’t be certified.

“Applying the preponderance standard to the...
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