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McKool Smith principal Gayle Klein was quoted in Law360's article, "2nd Circ. Won't Ruffle Key Theory As Goldman Case Plows On." The article reported that the Second Circuit’s decision on decertifying a class of Goldman Sachs investors was split. However, the 2nd Circ. unanimously reached the decision on declining to argue a key theory of which class is asserting securities claims against the investment bank. Gayle commented that “the appellate panel was right to reject the notion of injecting a merits-based analysis of materiality into the procedural exercise of class certification decision-making. As the Second Circuit noted, defendants are not left without an avenue to pursue these types of arguments. Instead, the Second Circuit confirmed that these kinds of merits-based arguments are best left to dispositive motions.” Read the entire article here.


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