Forum
U.S. Supreme Court
Case Status
Decided
Docket Number
Term
2020 Term
Lower Court Opinion
Questions Presented
1. Whether a defendant in a securities class action may rebut the presumption of classwide reliance recognized in Basic Inc. v. Levinson, 485 U.S. 224 (1988), by pointing to the generic nature of the alleged misstatements in showing that the statements had no impact on the price of the security, even though that evidence is also relevant to the substantive element of materiality.
2. Whether a defendant seeking to rebut the Basic presumption has only a burden of production or also the ultimate burden of persuasion.
Case Updates
Outcome
June 21, 2021
The U.S. Supreme Court vacated the class certification and held that the generic nature of allegedly misleading statements must be considered before certifying a class—not only when determining, later in the case, whether the statements induced reliance and inflated the stock price. The U.S. Chamber has filed seven amicus briefs in the case.
U.S. Chamber files coalition amicus brief urging the Supreme Court to reverse securities class certification decision that expands the “price maintenance” theory and misapplies Halliburton II
February 01, 2021
Click here to view the amicus brief filed jointly by the U.S. Chamber, Securities and Financial Markets Association, Bank Policy Institute, American Bankers Association and American Property Casualty Insurance Association. Jonathan K. Youngwood of Simpson Thacher & Bartlett LLP and the U.S. Chamber’s Litigation Center served as co-counsel for the U.S. Chamber.
This is the seventh amicus brief filed by the U.S. Chamber in this case, following briefs at the cert. stage and in the Second Circuit.
Cert. petition granted
December 11, 2020
U.S. Chamber files coalition amicus brief urging the Supreme Court to grant review and reverse securities class certification decision that improperly expands the “price maintenance” theory and misapplies Halliburton II
September 24, 2020
Click here to view the amicus brief filed jointly by the U.S. Chamber, Securities and Financial Markets Association, Bank Policy Institute, and American Bankers Association. Jonathan K. Youngwood of Simpson Thacher & Bartlett LLP served as co-counsel for the coalition.
Previously, the U.S. Chamber filed five briefs when this case was before the Second Circuit.
Case Documents
- Opinion -- Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc. (Second Circuit).pdf
- Cert. Petition -- Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System (U.S. Supreme Court).pdf
- U.S. Chamber, et al. Amicus Brief -- Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System (U.S. Supreme Court).pdf
- U.S. Chamber, et al. Amicus Brief (merits) -- Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System (U.S. Supreme Court).pdf
- Opinion -- Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System (U.S. Supreme Court).pdf