Securities Class Cert., 5 Years After Goldman Ruling

Some celebrate and others bemoan the five-year anniversary of the U.S. Supreme Court’s 2021 decision in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System, a decision whose commentary shows a sharp but predictable divide. Partner Susan Saltzstein and associates Jacob Fargo and Jonathan Shapiro discuss the potential consequences of Goldman on courts’ analyses in class certification actions, asking whether the decision has affected courts’ willingness to certify classes in federal securities actions as well as petitions to appeal class certification decisions and the resulting reversal rates.