Split High Court Upholds Price Impact Ruling In Securities Class Action Suit

Mealey's (June 21, 2021, 1:47 PM EDT) -- WASHINGTON, D.C. — In a divided opinion, the U.S. Supreme Court on June 21 ruled that the Second Circuit U.S. Court of Appeals did not err in placing the burden of proving a lack of price impact on Goldman Sachs Group Inc. and certain of its senior executives in affirming a federal district court’s application of the inflation-maintenance theory for demonstrating price impact in certifying a class of investors in a securities class action lawsuit....