January 16, 2018
A Second Circuit ruling that a judge applied the wrong standard of proof when certifying a class of shareholders accusing Goldman Sachs of fraud should help clarify the standard needed to rebut allegations that a company's misstatements directly impacted its stock price, legal experts said Tuesday.
January 12, 2018
The Second Circuit on Friday reversed a lower court decision certifying a class of shareholders accusing Goldman Sachs of lying about its ethical compliance just before they lost $1 billion in the Abacus collateralized debt obligation, saying the earlier ruling may have held Goldman to a standard of proof that was too high.
March 15, 2017
Goldman Sachs told the Second Circuit on Wednesday it should reverse a lower court decision that certified a class of shareholders accusing it of lying about its ethical compliance just before they lost $1 billion in the Abacus collateralized debt obligation, dismissing its own ethical assurances as mere puffery.
March 07, 2017
A class of Goldman Sachs Group Inc. investors told the Second Circuit on Monday that the court's recent ruling against Vivendi SA allows it to rely upon the "price maintenance theory" in its suit over the bank's infamous Abacus collateralized debt obligation, saying Goldman's misstatements propped up inflated stock values.
January 25, 2017
Goldman Sachs Group Inc. told the Second Circuit on Tuesday that a recent Ninth Circuit decision affirming that shareholders can't sue Hewlett-Packard Co. over its CEO's behavior supports Goldman's bid to decertify a class of investors suing over the bank's Abacus collateralized debt obligation.
September 20, 2016
Goldman Sachs Group Inc. has again urged the Second Circuit to undo the certification of a class of investors suing over the investment bank’s Abacus collateralized debt obligation, saying the order contravened U.S. Supreme Court precedent and imposed an insurmountable burden on defendants.
August 30, 2016
A group of prominent securities law professors on Friday urged the Second Circuit to uphold a lower court ruling granting class certification in a lawsuit against Goldman Sachs Group Inc. over the infamous Abacus transaction, saying that the lower court appropriately applied precedent when it made its decision.
August 19, 2016
A group of Goldman Sachs Group Inc. investors suing the investment bank over its Abacus collateralized debt obligation on Friday asked the Second Circuit to deny Goldman's bid to quash their certification as a class, blasting it as a "scattershot attack."
July 12, 2016
The back half of 2016 promises to be exciting for securities lawyers, as the U.S. Supreme Court considers its first insider trading case in nearly 20 years, the D.C. Circuit prepares to rule on the U.S. Securities and Exchange Commission's administrative tribunal, and the U.S. Department of Labor defends challenges to its fiduciary rule.
May 05, 2016
Three former U.S. Securities and Exchange Commission officials were among a host of amici who told the Second Circuit on Wednesday that a decision certifying a class of Goldman Sachs shareholders suing over the bank's Abacus collateralized debt obligation conflicts with U.S. Supreme Court precedent.