A New York state appeals court said former ViacomCBS investors may sue Goldman Sachs, Morgan Stanley and other banks that underwrote two stock offerings for ...
Goldman, Morgan Stanley must face investors' lawsuit over Archegos collapseNEW YORK - A New York state appeals court said former ViacomCBS investors may sue Goldman Sachs , Morgan Stanley and other banks that underwrote two stock offerings for the media company, upholding a ruling that banks fear could upend capital markets.
They said the "sweeping expansion" of disclosures ordered by a trial judge last year would "pull the rug out" from under countless banks, including by requiring them to predict how their stock holdings would affect markets. Kannon Shanmugam, a lawyer who argued the appeal for Goldman and Morgan Stanley, declined to comment.Investors were led by the Camelot Event Driven Fund and the Municipal Police Employees' Retirement System of Baton Rouge, Louisiana. Their lawyers did not immediately respond to requests for comment.Thursday's decision largely upheld a February 2023 ruling by Justice Andrew Borrok of the state Supreme Court in Manhattan.
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