On January 18, S&C was named to Law360’s weekly Legal Lions list for persuading the Second Circuit to reverse a class certification against client Goldman Sachs in the securities case arising out of Goldman’s transactions in certain mortgaged-backed securities prior to the financial crisis. The court ruled that the district court applied the wrong standard for evaluating class certification and failed to consider evidence showing that Goldman Sachs’ stock price did not decline after the press reported on alleged client conflicts. The S&C team representing Goldman was led by Richard Klapper, Theodore Edelman, Bob Giuffra, David Rein and Benjamin Walker.