argued at the Supreme Court on Monday that they should be allowed to sue the investment banking giant over its generic statements about being free of conflicts of interest.
The shareholders, including the Arkansas Teacher Retirement System, say they lost billions when news of the SEC investigation was revealed, tanking Goldman's stock price. The case is securities fraud, they argue, because Goldman had made false statements like "our clients' interests always come first" and "We have extensive procedures and controls that are designed to identify and address conflicts of interest.
"It seems to me you've both moved to the middle," Justice Amy Coney Barrett, an appointee of former President Donald Trump, told Tom Goldstein, the attorney for the shareholders, at one point. Goldstein is a partner at Goldstein & Russell and the publisher of SCOTUSBlog. The Justice Department, which argued in favor of neither party, filed a brief in February in which it said that the 2nd Circuit's decision was ambiguous on that point.
In contrast, Goldman's attorney Kannon Shanmugam argued that the 2nd Circuit's opinion did refuse to consider the generic nature of Goldman's alleged misstatements. That was unfair, he argued, because general statements tend to have less of an impact on share prices.
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