Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System

Docket No.	Op. Below	Argument	Opinion	Vote	Author	Term
20-222	2nd Cir.	Mar 29, 2021	Jun 21, 2021	8-1	Barrett	OT 2020

Holding: The generic nature of a misrepresentation in connection with the sale of securities often is important evidence of price impact that courts should consider at class certification; defendants bear the burden of persuasion to prove a lack of price impact by a preponderance of the evidence at class certification.

Judgment: Vacated and remanded, 8-1, in an opinion by Justice Barrett on June 21, 2021. Justice Gorsuch filed an opinion concurring in part and dissenting in part, in which Justices Thomas and Alito joined. Justice Sotomayor filed an opinion concurring in part and dissenting from the judgment.

SCOTUSblog Coverage

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Date	Proceedings and Orders (key to color coding)
08/21/2020	Petition for a writ of certiorari filed. (Response due September 24, 2020)
08/25/2020	Blanket Consent filed by Petitioner, Goldman Sachs Group, Inc., et al.
09/08/2020	Motion to extend the time to file a response from September 24, 2020 to October 23, 2020, submitted to The Clerk.
09/08/2020	Blanket Consent filed by Respondent, Arkansas Teacher Retirement System, et al.
09/09/2020	Motion to extend the time to file a response is granted and the time is extended to and including October 23, 2020.
09/24/2020	Brief amicus curiae of Washington Legal Foundation filed.
09/24/2020	Brief amicus curiae of Retail Litigation Center, Inc. filed.
09/24/2020	Brief amici curiae of Former SEC Officials and Law Professors filed.
09/24/2020	Brief amicus curiae of The Society for Corporate Governance filed.
09/24/2020	Brief amici curiae of Securities and Financial Markets Association, et al. filed.
09/24/2020	Brief amici curiae of Financial Economists filed.
10/21/2020	Brief of respondents Arkansas Teacher Retirement System, et al. in opposition filed.
10/21/2020	Motion 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.
10/26/2020	Motion to delay distribution of the petition for a writ certiorari until November 17, 2020 granted.
11/17/2020	DISTRIBUTED for Conference of 12/4/2020.
11/17/2020	Reply of petitioners Goldman Sachs Group, Inc., et al. filed. (Distributed)
12/07/2020	DISTRIBUTED for Conference of 12/11/2020.
12/11/2020	Petition GRANTED.
01/14/2021	Blanket Consent filed by Respondent, Arkansas Teacher Retirement System, et al.
01/14/2021	Blanket Consent filed by Petitioner, Goldman Sachs Group, Inc., et al.
01/25/2021	Brief of petitioners Goldman Sachs Group, Inc., et al. filed.
01/25/2021	Joint appendix (2 volumes & 1 supplemental) filed. (Statement of costs filed)
02/01/2021	SET FOR ARGUMENT on Monday, March 29, 2021.
02/01/2021	Brief amicus curiae of United States support of neither party filed.
02/01/2021	Brief amicus curiae of Retail Litigation Center, Inc. filed.
02/01/2021	Brief amici curiae of American International Group, Inc. et al. filed.
02/01/2021	Brief amici curiae of Financial Economists filed.
02/01/2021	Brief amicus curiae of Washington Legal Foundation filed.
02/01/2021	Brief amici curiae of Securities and Financial Markets Association, et al. filed.
02/01/2021	Brief amici curiae of Former SEC Officials and Law Professors filed.
02/01/2021	Brief amicus curiae of The Society for Corporate Governance filed.
02/04/2021	Record requested from the U.S.C.A. 2nd Circuit.
02/11/2021	Record from the U.S.C.A. 2nd Circuit, along with SEALED material been electronically filed.
02/11/2021	Record 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.
02/22/2021	CIRCULATED.
02/24/2021	Brief of respondents Arkansas Teacher Retirement System, et al. filed. (Distributed)
02/26/2021	Motion of the Acting Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed.
03/03/2021	Brief amicus curiae of Better Markets, Inc. filed. (Distributed)
03/03/2021	Brief amici curiae of Former SEC Officials filed. (Distributed)
03/03/2021	Brief amicus curiae of The North American Securities Administrators Association, Inc. filed. (Distributed)
03/03/2021	Brief amici curiae of Financial Economists filed. (Distributed)
03/03/2021	Brief amici curiae of Evidence Law Professors filed. (Distributed)
03/03/2021	Brief amici curiae of Institutional Investors filed. (Distributed)
03/03/2021	Brief amici curiae of Professors of Securities Law and Complex Litigation filed. (Distributed)
03/03/2021	Brief amici curiae of State of New Mexico et al. filed. (Distributed)
03/03/2021	Brief amici curiae of Public Citizen and Public Citizen Foundation filed. (Distributed)
03/03/2021	Brief amicus curiae of National Association of Shareholder and Consumer Attorneys filed. (Distributed)
03/08/2021	Motion of the Acting Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED.
03/19/2021	Reply of petitioners Goldman Sachs Group, Inc., et al. filed. (Distributed)
03/29/2021	Argued. 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.
06/21/2021	Judgment 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.
07/23/2021	JUDGMENT ISSUED.
01/10/2023	Record returned to the U.S.D.C. - SDNY (1 box of sealed materials).