Goldman Sachs Derivative Settlement Affirmed

Delaware Court Opinions

Filed March 31st, 2026

Detected April 1st, 2026

Summary

The Delaware Supreme Court affirmed the Court of Chancery's approval of a third derivative settlement on behalf of The Goldman Sachs Group, Inc. and the award of fees to Plaintiff Shiva Stein and Objector Sean J. Griffith. The affirmance relies on the February 27, 2024 Memorandum Opinion approving the Third Settlement and the August 11, 2025 Letter Opinion awarding fees. This concludes the shareholder derivative action C.A. No. 2017-0354.

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What changed

The Delaware Supreme Court affirmed the Court of Chancery's decisions from February 27, 2024 and August 11, 2025, which approved a third derivative settlement on behalf of The Goldman Sachs Group, Inc. and awarded attorneys' fees to Plaintiff Stein and Objector Griffith. The Supreme Court found the lower court's rulings should be affirmed on the basis stated in those opinions. The case involved shareholder derivative claims against directors including Lloyd Blankfein, Michele Burns, and others.

No action is required from regulated entities. This appellate affirmance concludes the litigation in C.A. No. 2017-0354. The settlement approval and fee award are now final and binding on all parties. Companies should be aware that Delaware courts continue to scrutinize derivative settlement terms and fee requests in shareholder litigation.

Source document (simplified)

IN THE SUPREME COURT OF THE STATE OF DELAWARE SEAN J. GRIFFITH, § § No. 404, 2025 Objector-Below, § Appellant, § §

§ Court Below: Court of Chancery
§ of the State of Delaware SHIVA STEIN, derivatively on § behalf of The Goldman Sachs Group, § Inc., and individually as a § Stockholder of The Goldman Sachs § Group, Inc., § § C.A. No. 2017-0354 Plaintiff-Below, § Appellee, § § LLOYD C. BLANKFEIN, §
MICHELE BURNS, §
GARY D. COHN, MARK A. § FLAHERTY, WILLIAM W. § GEORGE, JAMES A. JOHNSON, § ELLEN J. KULLMAN, LAKSHMI §
MITTAL, ADEBAYO O. §
OGUNLESI, PETER § OPPENHEIMER, DEBORA L. § SPAR, MARK E. TUCKER, DAVID §
VINIAR, MARK O. §
WINKELMAN, and THE § GOLDMAN SACHS GROUP, INC., § § Defendants-Below, § Appellees § Submitted: March 25, 2026 Decided: March 31, 2026

Before SEITZ, Chief Justice; TRAYNOR, and LEGROW, Justices. ORDER This 31st day of March, 2026, after careful consideration of the parties’ briefs and the record on appeal, we find it evident that the judgment of the Court of Chancery should be affirmed on the basis of and for the reasons stated in the February 27, 2024 Memorandum Opinion approving the Third Settlement, and the August 11, 2025 Letter Opinion awarding fees to Plaintiff Stein and Objector Griffith.