Sullivan & Cromwell LLP Logo
  • Home
  • Lawyers
  • Practices
  • Insights
  • About
  • Careers
  • Alumni
  • Twitter icon
  • LinkedIn icon
  •  icon
  • Podcasts icon
© 2025 Sullivan & Cromwell LLP
    • Home
    • Lawyers
    • Practices
    • Insights
    • About
    • Careers
    • Alumni
    Home /  About /  News And Events /  Client Highlights
    Client Highlights

    S&C Secures for Goldman Sachs a Rare Third Appellate Review of Class Certification in Major Securities Case

    • Our Lawyers
    • Related Practices
    March 16, 2022

    In a securities case remanded from the U.S. Supreme Court, Goldman Sachs obtained a third discretionary Rule 23(f) appeal of a grant of class certification. Since Rule 23(f) was adopted in 1998, this is only the second case in which a federal appeals court has granted interlocutory review of class certification three times. The U.S. Court of Appeals for the Second Circuit granted review in Goldman Sachs Group v. Arkansas Teacher Retirement System on March 9.

    Last June, the Supreme Court ruled 8-1 in favor of Goldman Sachs, clarifying the standards for rebutting the “fraud-on-the-market” presumption of class-wide reliance. The Court agreed with Goldman Sachs that the generic nature of its challenged statements is important evidence in determining whether those statements impacted the price of Goldman Sachs’ stock, which is a requirement for certifying a shareholder class. On remand, the district court re-certified a class.

    The petition for review was supported by multiple amici, including the U.S. Chamber of Commerce, the Bank Policy Institute, the Securities Industry and Financial Markets Association, the Washington Legal Foundation, and a group of former SEC officials and law professors.

    The S&C team representing Goldman Sachs and its former senior executives includes Bob Giuffra, Rich Klapper, David Rein, Ben Walker, Julia Malkina, Jacob Cohen and Morgan Ratner.

    Read More
    Stay Updated

    Subscribe to stay current on S&C Insights.

    Our Lawyers

    Our Lawyers

    Robert J. Giuffra Jr. Headshot Photo
    Robert J. Giuffra Jr.
    New York
    +1-212-558-3121
    Email
    vCard
    Richard H. Klapper Headshot Photo
    Richard H. Klapper
    New York
    +1-212-558-3555
    Email
    vCard
    David M.J. Rein Headshot Photo
    David M.J. Rein
    New York
    +1-212-558-4000
    Email
    vCard
    Benjamin R. Walker Headshot Photo
    Benjamin R. Walker
    New York
    +1-212-558-4000
    Email
    vCard
    Julia A. Malkina Headshot Photo
    Julia A. Malkina
    New York
    +1-212-558-4000
    Email
    vCard
    Jacob E. Cohen Headshot Photo
    Jacob E. Cohen
    New York
    +1-212-558-4000
    Email
    vCard
    Morgan L. Ratner Headshot Photo
    Morgan L. Ratner
    Washington, D.C.
    +1-202-956-7500
    Email
    vCard
    Read More

    Related Practices

    • Litigation
    • Securities Litigation
    • Supreme Court and Appellate
    Sullivan & Cromwell LLP Logo
    • Twitter icon
    • LinkedIn icon
    • RSS Feed icon
    • Podcasts icon
    • Home
    • Contact Us
    • Information Policy Relating to Cookies
    • Privacy Policy
    • California Privacy Policy
    • Website Notice
    • Attorney Advertising Notice
    © 2025 Sullivan & Cromwell LLP