Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc.

U.S. Court of Appeals for the Second Circuit

Tab Group

Merits Stage

On remand from the U.S. Supreme Court, Second Circuit vacates class certification

August 26, 2021

On remand from the U.S. Supreme Court, the Second Circuit vacated the class certification and remanded for the district court to consider the generic nature of alleged misrepresentations in evaluating price impact under an inflation maintenance theory of securities fraud. The U.S. Chamber filed seven amicus briefs at earlier stages of this litigation in the Second Circuit and U.S. Supreme Court.

Second Circuit denies en banc review

June 15, 2020

Click here to view the order. The U.S. Chamber filed an amicus brief supporting rehearing, and also filed brief at the panel stage.

U.S. Chamber files amicus brief urging Second Circuit to grant rehearing en banc and reverse class certification decision that improperly expands the “price maintenance” theory and misapplies Halliburton II

May 19, 2020

Click here to view the Chamber’s amicus brief. Jared M. Gerber of Cleary Gottlieb Steen & Hamilton served as co-counsel for the U.S. Chamber of Commerce on behalf of the U.S. Chamber Litigation Center.

Previously, the U.S. Chamber filed amicus briefs at the Rule 23(f) stage and at the panel merits stage of this case.

Divided panel of the Second Circuit affirms district court certification of securities class action, holding that the district court correctly applied the price-maintenance theory and the Basic presumption of reliance

April 8, 2020

Click here to view the opinion.

U.S. Chamber urges Second Circuit to reverse class certification decision that improperly expands the scope of the “price maintenance” theory and misapplies Halliburton II

February 22, 2019

Click here to view the Chamber’s amicus brief.

Lewis J. Liman of Cleary Gottlieb Steen & Hamilton served as co-counsel for the U.S. Chamber of Commerce on behalf of the U.S. Chamber Litigation Center.

Case Documents

U.S. Chamber Amicus Brief -- Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc. (Second Circuit).pdf

Opinion -- Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc. (Second Circuit).pdf

Dissenting Opinion -- Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc. (Second Circuit).pdf

U.S. Chamber Amicus Brief (rehearing) -- Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc. (Second Circuit).pdf

En Banc Denial Order -- Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc. (Second Circuit).pdf

Opinion -- Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc. (Second Circuit).pdf