The case is good news for helping judges ferret out the weakest and most implausible investor class actions.
Before I started writing full-time at National Review in 2020, I spent over two decades in private law practice, the bulk of it defending investor class actions under the federal securities laws. So, this morning’s U.S. Supreme Court decision in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System adds to a body of law I know well. Allow me to explain why Goldman Sachs is a positive step and modestly good news for the defense bar, even though defenses against class certification remain an uphill battle in practice.
Having Some Class
Some background in this area is necessary to understand what exactly Goldman Sachs changes. Decisions on whether or not to certify a case as a class action are procedurally unusual: The decision belongs to a judge, not a jury, but unlike …