Government: 2nd Circuit Should Take Another Look At Class Certification Ruling

Mealey's (February 4, 2021, 1:29 PM EST) -- WASHINGTON, D.C. — The U.S. Supreme Court should vacate a Second Circuit U.S. Court of Appeals ruling upholding a federal district court’s application of the inflation-maintenance theory for demonstrating price impact in granting class certification in a securities fraud lawsuit because it is unclear to what extent the federal appellate court considered evidence regarding the nature of alleged misstatements made by Goldman Sachs Group Inc. and certain of its senior executives regarding four collateralized debt obligation (CDO) transactions, the United States argues in a brief as amicus curiae supporting neither party filed Feb. 1....