It’s been 14 months since the Second Circuit Court of Appeals laid the groundwork for defendants to raise price-impact defenses in securities litigation in Arkansas Teacher Retirement System v. Goldman Sachs Group Inc. In recent talks with securities litigators, I’ve asked how many cases they are seeing that cite the Goldman Sachs case. 

The answer I’ve heard across the board is that when it comes to event-driven securities litigation that makes it to the class certification stage, just about everyone on the defense side cites Goldman Sachs.