If SCOTUS has a snoozefest award, this case probably gets it. Goldman Sachs (GS), in their advertisements and statements have said things like, “Our clients’ interests always come first,” “Integrity and honesty are at the heart of our business,” and “We are dedicated to complying fully with the letter and spirit of the laws, rules, and ethical principles that govern us.”
The defendants at Arkansas Teacher Retirement System (ATRS) say these statements are misleading, and caused the price of the securities GS sold them to be distorted, and thus they presumably lost money when investing with them.
I don’t know about you, but I can’t imagine that such general marketing bullshit affects any stock price, so this seems like a total stretch to me, but still, here we are. Sometimes, I think SCOTUS takes a case because they lost a bet or something.
ATRS is alleging that they failed to disclose conflicts of interest in their dealings, which defies the statements above. So essentially, that’s their beef, that GS claimed all this integrity and honesty bullshit, while hiding their conflicts of interest.
At issue here is also whether a class action suit can be brought forth, or whether each individual who feels wronged by GS should have to file independently, and show that they invested wrongly, during a period between when GS made their general marketing bullshit statements, and when it was later discovered they failed to disclose their conflicts of interest.
In a 6:3 “who gives a fuck” decision, where Thomas, Alito, and Gorsuch dissented, SCOTUS ruled in favor for Goldman Sachs. Essentially telling these whiny little cunts to piss off with their Karenny bullshit. These claims were generic as fuck. There’s no way that you lost money, because you bought stock based on a bullshit marketing claim just about any company says about themselves.
Hear oral arguments or read about the case here