Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System
Decided June 21, 2021. Amy Coney Barrett delivered the opinion of the Court.
Docket 20-222 · 594 U.S. 113 (2021) · Cited 64 times
Holding
The generic nature of a misrepresentation in connection with the sale of securities often is important evidence of price impact that courts should consider at class certification; defendants bear the burden of persuasion to prove a lack of price impact by a preponderance of the evidence at class certification.
The Court’s statement of the holding, from the opinion’s syllabus. The syllabus is prepared by the Reporter of Decisions and is not part of the opinion of the Court. Read the official opinion for authority.
How the Justices voted
Decided 9–0.
Majority · 9
- John G. Roberts, Jr.
- Clarence Thomas
- Samuel A. Alito, Jr.
- Sonia Sotomayor · filed an opinion concurring in part and dissenting in part
- Elena Kagan
- Neil M. Gorsuch · filed an opinion concurring in part and dissenting in part
- Brett M. Kavanaugh
- Amy Coney Barrett · delivered the opinion of the Court
- Stephen G. Breyer
“Concurring” means agreeing with the outcome; any split shown is the Court’s judgment, not each Justice’s reasoning. The lineup is the syllabus’s disposition of who wrote and joined each opinion. Source: the opinion’s syllabus (supremecourt.gov).
Precedents cited
Supreme Court decisions this opinion relies on, ordered by how often it cites each. Cases in our collection link through; others are named.
- Basic Inc. v. Levinson · 485 U.S. 224 (1988)
- St. Mary's Honor Center v. Hicks · 509 U.S. 502 (1993)
- Amgen Inc. v. Connecticut Retirement Plans and Trust Funds · 568 U.S. 455 (2013)
- Erica P. John Fund, Inc. v. Halliburton Co. · 563 U.S. 804 (2011)
- Texas Department of Community Affairs v. Burdine · 450 U.S. 248 (1981)
- Comcast Corp. v. Behrend · 569 U.S. 27 (2013)
- National Labor Relations Board v. Transportation Management Corp. · 462 U.S. 393 (1983)
- International Brotherhood of Teamsters v. United States · 431 U.S. 324 (1977)
- Wal-Mart Stores, Inc. v. Dukes · 564 U.S. 338 (2011)
- Franks v. Bowman Transportation Co. · 424 U.S. 747 (1976)
- United States v. Detroit Timber & Lumber Co. · 200 U.S. 321 (1906)
- Reiter v. Sonotone Corp. · 442 U.S. 330 (1979)
- Medina v. California · 505 U.S. 437 (1992)
Official text
Read the official opinion (PDF, supremecourt.gov)
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Amy Coney Barrett’s profile · All Supreme Court opinions · The Supreme Court
Source: Supreme Court of the United States, slip opinions (2021). Citation count from the Free Law Project’s CourtListener bulk data. Data last verified 2026-08-15. Informational only; verify against the primary source before relying. Not a consumer report (FCRA).