A three-judge panel of the U.S. Court of Appeals for the Second Circuit on Thursday reversed a Manhattan federal judge’s class certification in a shareholder suit against Goldman Sachs, citing guidance delivered by the U.S. Supreme Court at an earlier stage of the suit.
Circuit Judge Richard Wesley wrote for the panel, which also included Judges Denny Chin and Richard Sullivan; Sullivan filed a concurring opinion. Goldman Sachs’ attorneys include a Sullivan & Cromwell team led by Robert Giuffra and a Paul, Weiss, Rifkind, Wharton & Garrison team led by Kannon Shanmugam, while the plaintiffs’ attorneys are at Goldstein & Russell.
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