Mealey's Banking & Finance - 2nd Circuit: Goldman Sachs Not A Statutory Insider Under Federal Securities Law

Mealey's Banking & Finance - 2nd Circuit: Goldman Sachs Not A Statutory Insider Under Federal Securities Law

NEW YORK - A federal district court did not err in dismissing a shareholder derivative lawsuit because the shareholder failed to show that The Goldman Sachs Group Inc. was a "statutory insider" at the time of the sale and purchase of certain short call options, a Second Circuit U.S. Court of Appeals panel ruled Jan. 29 (Andrew E. Roth, derivatively on behalf of Leap Wireless International Inc., v. The Goldman Sachs Group Inc., et al., No. 12-2509, 2nd Cir.).

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