Second Circuit De-Certifies Class in Long-Running Goldman Securities Price Impact Dispute
On August 10, 2023, the Second Circuit vacated a Southern District of New York court order certifying a Goldman Sachs’ investor class in a securities fraud class action brought under Section 10(b), applying the guidance recently set forth by the Supreme Court in Goldman Sachs Group v. Arkansas Teacher Retirement System, 141 S. Ct. 1951 (2021) (Barrett, J.). The Second Circuit’s decision provides guidance going forward as to when a defendant has rebutted the presumption of reliance established in Basic v. Levinson, 485 U.S. 224 (1988).