Supreme Court of the United States · Official docket →
Goldman Sachs Group, Inc., et al. v. Arkansas Teacher Retirement System, et al.
Paid petition · United States Court of Appeals for the Second Circuit, No. 18-3667 · judgment April 7, 2020
Decided · June 21, 2021
Pre-decision estimate: 12% cert probability (95% interval 8%–17%)
Before the decision, about 2.9× the 4.1% base rate. The model weighted this up for counsel who has won certiorari before, a Second Circuit decision below, and a dissent in the court below (flagged in the petition).
Questions presented
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Whether a defendant in a securities class action may rebut the presumption of classwide reliance recognized in Basic Inc. v. Levinson, 485 U.S. 224 (1988), by pointing to the generic nature of the alleged misstatements in showing that the statements had no impact on the price of the security, even though that evidence is also relevant to the substantive element of materiality.
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Whether a defendant seeking to rebut the Basic presumption has only a burden of production or also the ultimate burden of persuasion.
Counsel of record
For petitioner
Kannon K. Shanmugam
Paul, Weiss, Rifkind, Wharton & Garrison LLP
For respondent
Thomas C. Goldstein
Goldstein & Russell, P.C.
Case
Conference history
Distributed for 2 conferences
Amicus briefs
6 cert-stage · 18 merits
(8 supporting pet./neither, 10 respondent)
Argument & decision
Argued March 29, 2021 — Kannon K. Shanmugam · Sopan Joshi · Thomas C. Goldstein. Audio and transcript
Decided June 21, 2021. Opinion by Barrett.
Proceedings
- Jan 10 2023Record returned to the U.S.D.C. - SDNY (1 box of sealed materials).
- Jul 23 2021JUDGMENT ISSUED.
- Jun 21 2021Judgment VACATED and case REMANDED. Barrett, J., delivered the opinion of the Court, in which Roberts, C. J., and Breyer, Kagan, and Kavanaugh, JJ., joined in full; in which Thomas, Alito, and Gorsuch, JJ., joined as to Parts I and II–A; and in which Sotomayor, J., joined as to Parts I, II–A–1, and II–B. Sotomayor, J., filed an opinion concurring in part and dissenting in part. Gorsuch, J., filed an opinion concurring in part and dissenting in part, in which Thomas and Alito, JJ., joined.
- Mar 29 2021Argued. For petitioners: Kannon K. Shanmugam, Washington, D. C. For United States, as amicus curiae: Sopan Joshi, Assistant to the Solicitor General, Department of Justice, Washington, D. C. For respondents: Thomas C. Goldstein, Bethesda, Md.
- Mar 19 2021Reply of petitioners Goldman Sachs Group, Inc., et al. filed. (Distributed)
- Mar 08 2021Motion of the Acting Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED.
- Mar 03 2021Brief amicus curiae of Better Markets, Inc. filed. (Distributed)
- Mar 03 2021Brief amici curiae of Former SEC Officials filed. (Distributed)
- Mar 03 2021Brief amicus curiae of The North American Securities Administrators Association, Inc. filed. (Distributed)
- Mar 03 2021Brief amici curiae of Financial Economists filed. (Distributed)
- Mar 03 2021Brief amici curiae of Evidence Law Professors filed. (Distributed)
- Mar 03 2021Brief amici curiae of Institutional Investors filed. (Distributed)
- Mar 03 2021Brief amici curiae of Professors of Securities Law and Complex Litigation filed. (Distributed)
- Mar 03 2021Brief amici curiae of State of New Mexico et al. filed. (Distributed)
- Mar 03 2021Brief amici curiae of Public Citizen and Public Citizen Foundation filed. (Distributed)
- Mar 03 2021Brief amicus curiae of National Association of Shareholder and Consumer Attorneys filed. (Distributed)
- Feb 26 2021Motion of the Acting Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed.
- Feb 24 2021Brief of respondents Arkansas Teacher Retirement System, et al. filed. (Distributed)
- Feb 22 2021CIRCULATED.
- Feb 11 2021Record from the U.S.C.A. 2nd Circuit, along with SEALED material been electronically filed.
- Feb 11 2021Record from the U.S.D.C. Southern District of New York is electronic and located on Pacer, with the exception of 1 Box of Sealed records.
- Feb 04 2021Record requested from the U.S.C.A. 2nd Circuit.
- Feb 01 2021SET FOR ARGUMENT on Monday, March 29, 2021.
- Feb 01 2021Brief amicus curiae of United States support of neither party filed.
- Feb 01 2021Brief amicus curiae of Retail Litigation Center, Inc. filed.
- Feb 01 2021Brief amici curiae of American International Group, Inc. et al. filed.
- Feb 01 2021Brief amici curiae of Financial Economists filed.
- Feb 01 2021Brief amicus curiae of Washington Legal Foundation filed.
- Feb 01 2021Brief amici curiae of Securities and Financial Markets Association, et al. filed.
- Feb 01 2021Brief amici curiae of Former SEC Officials and Law Professors filed.
- Feb 01 2021Brief amicus curiae of The Society for Corporate Governance filed.
- Jan 25 2021Brief of petitioners Goldman Sachs Group, Inc., et al. filed.
- Jan 25 2021Joint appendix (2 volumes & 1 supplemental) filed. (Statement of costs filed)
- Jan 14 2021Blanket Consent filed by Respondent, Arkansas Teacher Retirement System, et al.
- Jan 14 2021Blanket Consent filed by Petitioner, Goldman Sachs Group, Inc., et al.
- Dec 11 2020Petition GRANTED.
- Dec 07 2020DISTRIBUTED for Conference of 12/11/2020.
- Nov 17 2020DISTRIBUTED for Conference of 12/4/2020.
- Nov 17 2020Reply of petitioners Goldman Sachs Group, Inc., et al. filed. (Distributed)
- Oct 26 2020Motion to delay distribution of the petition for a writ certiorari until November 17, 2020 granted.
- Oct 21 2020Brief of respondents Arkansas Teacher Retirement System, et al. in opposition filed.
- Oct 21 2020Motion of petitioner to delay distribution of the petition for a writ of certiorari under Rule 15.5 from November 4, 2020 to November 17, 2020, submitted to The Clerk.
- Sep 24 2020Brief amicus curiae of Washington Legal Foundation filed.
- Sep 24 2020Brief amicus curiae of Retail Litigation Center, Inc. filed.
- Sep 24 2020Brief amici curiae of Former SEC Officials and Law Professors filed.
- Sep 24 2020Brief amicus curiae of The Society for Corporate Governance filed.
- Sep 24 2020Brief amici curiae of Securities and Financial Markets Association, et al. filed.
- Sep 24 2020Brief amici curiae of Financial Economists filed.
- Sep 09 2020Motion to extend the time to file a response is granted and the time is extended to and including October 23, 2020.
- Sep 08 2020Motion to extend the time to file a response from September 24, 2020 to October 23, 2020, submitted to The Clerk.
- Sep 08 2020Blanket Consent filed by Respondent, Arkansas Teacher Retirement System, et al.
- Aug 25 2020Blanket Consent filed by Petitioner, Goldman Sachs Group, Inc., et al.
- Aug 21 2020Petition for a writ of certiorari filed. (Response due September 24, 2020)