Law360 Highlights S&C Win in Goldman Sachs Shareholder Derivative Suit

March 20, 2015

On March 20, S&C's victory for a group of Goldman Sachs board members regarding a shareholder derivative suit was reported by Law360 in the article “2nd Circ. Affirms Toss Of Goldman Sachs Shareholder Case.” The lawsuit was brought by an Ohio plaintiff over faulty mortgage-backed securities, saying the lower court applied the appropriate legal standard. According to Law360, the lawsuit's outcome “was pinned largely to the question of whether the district court levied the correct legal test for demand futility, which demonstrates that it would have been futile to have made a demand on the board for redress before going to court. The three-judge Second Circuit panel ruled that it had.” Mr. Giuffra argued on behalf of Goldman Sachs bankers.