Robert Giuffra Jr.,left, of Sullivan & Cromwell and, Kannon Shanmugam,right, of Paul Weiss. Courtesy photo/ALM Litigators of the Week: A Resounding Class Certification Win for Goldman Sachs at the 2nd Circuit
The court sided with a joint defense team led by Bob Giuffra at Sullivan & Cromwell and Kannon Shanmugam of Paul Weiss in finding a mismatch between the targeted drop in Goldman's stock price and the bank's generic statements about conflicts of interest and business ethics.
August 18, 2023 at 07:30 AM
9 minute read
We're just a week removed from the Second Circuit's big decision scuttling a class action against Goldman Sachs, but the early reviews have this ruling pegged as a blockbuster.
One securities defense lawyer told Bloomberg it was "a landmark decision" for folks on his side of these cases. Alison Frankel over at Reuters dubbed it a "boon for class action securities defendants." The folks over at Willkie Farr & Gallagher, who authored amicus briefs backing Goldman's position, began the headline of their client alert on the decision with "Finally!"
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
A Second Straight Year of Increased Securities Filings—With Perhaps More on the Horizon
Firms Come Out of the Gate With High-Profile Litigation Hires in 2025
Litigators of the Week: A Directed Verdict Win for Cisco in a West Texas Patent Case
Law Firms Mentioned
Trending Stories
- 1'Reverse Robin Hood': Capital One Swarmed With Class Actions Alleging Theft of Influencer Commissions in January
- 2Hawaii wildfire victims spared from testifying after last-minute deal over $4B settlement
- 3How We Won It: Latham Secures Back-to-Back ITC Patent Wins for California Companies
- 4Meta agrees to pay $25 million to settle lawsuit from Trump after Jan. 6 suspension
- 5Stevens & Lee Hires Ex-Middle District of Pennsylvania U.S. Attorney as White-Collar Co-Chair
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
