NECA-IBEW HEALTH & WELFARE v. GOLDMAN SACHS & CO.

Docket No. 11-2762-cv.

693 F.3d 145 (2012)

NECA-IBEW HEALTH & WELFARE FUND, individually and on behalf of all others similarly situated, Plaintiff-Appellant, v. GOLDMAN SACHS & CO., Goldman Sachs Mortgage Company, Daniel L. Sparks, Michelle Gill, GS Mortgage Securities Corp., Kevin Gasvoda, Defendants-Appellees, GS Mortgage Securities Corp., GSAA Home Equity Trust 2007-3, GSAA Home Equity Trust 2007-4, GSAMP Trust 2007-HE2, GSAMP Trust 2007-FM2, GSAA Home Equity Trust 2007-5, GSAA Home Equity Trust 2007-6, GSAA Home Equity Trust 2007-7, GSAA Home Equity Trust 2007-8, GSR Mortgage Loan Trust 2007-4F, GSAMP Trust 2007-HSBC1, GSAMP Trust 2007-HEI, Starm Mortgage Loan Trust 2007-4, GSAA Home Equity Trust 2007-10, GSR Mortgage Loan Trust 2007-5F, GSR Mortgage Loan Trust 2007-3F, GSR Mortgage Loan Trust 2007-OA2, SunTrust Robinson Humphrey, Inc., Defendants, The Police and Fire Retirement System of the City of Detroit, Intervenor.

United States Court of Appeals, Second Circuit.

Decided: September 6, 2012.


Attorney(s) appearing for the Case

Joseph D. Daley , Robbins Geller Rudman & Dowd LLP, San Diego, CA ( Arthur C. Leahy , Robbins Geller Rudman & Dowd LLP, San Diego, CA, Samuel H. Rudman , David A. Rosenfeld , Carolina C. Torres , Robbins Geller Rudman & Dowd LLP, Melville, NY, Patrick J. O'Hara , Cavanagh & O'Hara, Springfield, IL, on the briefs), for Plaintiff-Appellant.

Richard H. Klapper , Sullivan & Cromwell LLP, New York, N.Y. ( Theodore Edelman , Michael T. Tomaino, Jr. , David M.J. Rein , Sullivan & Cromwell LLP, New York, NY, on the brief), for Defendants-Appellees.

Before: B.D. PARKER, RAGGI, and LOHIER, Circuit Judges.


BARRINGTON D. PARKER, Circuit Judge:

Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 impose essentially strict liability for material misstatements contained in registered securities offerings. See 15 U.S.C. §§ 77k, l(a)(2), o. This appeal requires us to consider a plaintiff's standing to assert claims on behalf of purchasers of securities issued under the same allegedly false and misleading SEC Form S-3 and base prospectus...

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