SCOTUS partially sides with Goldman in class-action suit
The Supreme Court of the United States (SCOTUS) overruled on Monday the Second Circuit Court with regards to Goldman Sachs’ disclosure of its bank statements in the class-action lawsuit brought by the bank’s shareholders.
The court agreed with Goldman that their statements were too broad and generic to have had an impact on stock prices, therefore giving an avenue to the bank to fully avoid the class action.
However, the ruling also agreed that it was up to Goldman to prove that there was a lack of price impact as a result of the statements, but emphasized that the proof should “rarely be outcome determinative.”
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