Second Circuit Sends Goldman Sachs Investors Back to the Drawing Board

Investors must refile for class certification in a suit accusing Goldman Sachs of putting favored clients’ interests ahead of others’, because the lower court may have imposed the wrong burden of proof on the bank, the Second Circuit ruled.

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Ambac Dodges Shareholder Action Over Puerto Rican Debt Exposure

(CN) – Ambac Financial Group won dismissal of a shareholder class action suit accusing the insurer of concealing the true risk of its exposure to more than $10 billion in Puerto Rican bonds. Ambac is a holding company whose subsidiaries provide financial guarantee products, including insurance on $2.5 billion in Puerto Rican debt, plus $8 billion in additional exposure for interest due on the bonds.

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