Goldman Asks High Court to Weigh In on Investor Class Approval

The U.S. Supreme Court should take up “the most important securities case” to come before it since 2014, Goldman Sachs Group Inc. said in its petition for review of a class certification decision in a lawsuit over debt-securities disclosures.

The investment bank lost a bid to undo class certification in a $13 billion suit accusing it of misleading investors about conflicts of interest related to certain collateralized debt obligation transactions, when the U.S. Court of Appeals for the Second Circuit ruled against it in April.

This “patently erroneous” decision “renders class certification a formality in virtually any securities action premised ...