The titans of the securities bar are lining up in solidarity with Goldman Sachs in objecting to a newly re-certified class action.

With a sky-is-falling franticness, they are beseeching the U.S. Court of Appeals for the Second Circuit to grant interlocutory review—again—in a hot potato of a case. On August 14, U.S. District Court Judge Paul Crotty on remand certified the $13 billion investor class action for the second time against Goldman, which is represented by Robert Giuffra Jr. at Sullivan & Cromwell.

In briefs filed last week, defense amici warn that Crotty's decision could lead to “runaway liability” (Jonathan Youngwood of Simpson Thacher & Bartlett for the Securities Industry and Financial Markets Association); “would eviscerate the right of defendants in securities fraud class actions (Todd Cosenza of Willkie Farr & Gallagher for law professors and former SEC officials); and “would subject virtually every corporation with securities traded in the United States to potentially ruinous class action lawsuits whenever it discloses bad news.” (Jared Gerber, Lewis Liman and Matthew Karlan of Cleary Gottlieb Steen & Hamilton for the U.S. Chamber of Commerce).