Category: Litigation & class actions
A 2010 shareholder lawsuit focuses on whether alleged misleading statements hurt investor value. More than 10 years later it has found itself with the… A 2010 shareholder lawsuit focuses on whether alleged misleading statements hurt investor value. More than 10 years… A 2010 shareholder lawsuit focuses on whether alleged misleading statements hurt investor value. More than 10 years later it has found itself with the US Supreme Court
Originally filed in 2010, the US Supreme Court agreed to hear the case Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System on 11 December last year.
Between then and 29 March, when oral arguments were first heard, a number of key things have happened: 38 investor groups and individuals signed a statement in support of the plaintiffs; legal, pension and consumer experts discussed the implications of the case at a press conference; and a group including six former US Securities and Exchange Commission (SEC) commissioners – among them ex- SEC Chairs William Donaldson and Arthur Levitt – cautioned the Supreme Court against a judgment that might make it more difficult for investors to sue companies through class action lawsuits.
There have also been a large number of ‘brief amici curiae’ – submissions from so-called ‘friends of the court’, state securities regulators, investor advocates, pension funds and others, who have no direct …