U.S. Supreme Court justices on Monday struggled in a case involving Goldman Sachs Group Inc over how judges should determine when shareholders can collectively sue publicly traded companies for fraudulent statements that keep their stock prices artificially high.
Central to the dispute are the shareholders' claims that when they bought Goldman shares they relied upon the bank's statements about its ethical principles and internal controls against conflicts of interest, and its pledge that its"clients' interests always come first." Goldman has argued that these"aspirational" statements were too vague and general to have had any impact on the stock price.
Some justices wondered how courts would analyze a class action against a company that simply called itself"nice."
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