Scottus News

The Supreme Court sent a shareholder class action against Goldman Sachs back to the lower court on Monday to carefully examine whether the bank’s alleged misstatement was too general to affect its stock price.

In its View in Goldman Sachs Group v. Arkansas Teacher Retirement SystemThe court held that the defendant in a securities case can refute the category-based rulings by proving that the statement in question is so general that it will not distort the price of the relevant securities is an appropriate presumption. Judge Amy Coney Barrett wrote the opinion of the court. Justices Sonia Sotomayor and Neil Gorsuch raised some objections, and Justices Clarence Thomas and Samuel Alito joined Gorsuch.

Check back soon for an in-depth analysis of opinions.

[Disclosure: Goldstein & Russell, P.C., whose attorneys contribute to SCOTUSblog in various capacities, is counsel for the Arkansas Teacher Retirement System in this case. The author of this article is not affiliated with the firm.]