United States Second Circuit

Judgment dismissing plaintiff’s derivative suit on behalf of Goldman Sachs under Section 16(b) of the Securities Exchange Act seeking to require defendant to disgorge all profits from short-swing transactions in Goldman Sachs shares, is affirmed, where: 1) plaintiff failed to allege that defendant had "pecuniary interest" in Goldman Sachs shares that would make him a “beneficial owner” of the shares under Section 16(b) and Rule 16a-1; and 2) absent any indication from Congress to the contrary, Section 16(b) does not apply perforce to tippers of insider information.

Appellate Information

• Decided 04/05/2013
• Published 04/05/2013

Judges

• PER CURIAM

Court

• United States Second Circuit

Counsel