Friday, November 14, 2014 v. Goldman Sachs (Cal. Ct. App. - Nov. 13, 2014)

You think that your summary judgment motion was complicated?  Check out this one:

"[D]efendants moved for summary judgment on the remainder of plaintiffs’ causes of action . . . on multiple grounds. Plaintiffs’ opposition would eventually fill 38 banker’s boxes and included thousands of pages of discovery materials that had been designated “Confidential” or “Highly Confidential” pursuant to the protective order. . . . The trial court heard three days of argument on evidentiary objections to the materials filed in connection with the summary judgment motions and a full day of argument on the merits of the motions. "


It also takes the Court of Appeal 63 pages just to resolve the resulting disputes about which of these materials should remained sealed and which should be open to the public.

But that's not all.  The Court of Appeal issues another published opinion, in the same case, on the same day, that addresses the merits.  It's 60 pages.  We're talking a lot of work by everyone involved.

Moreover, if you think the stock market is just a nice, easy place, and trading's pretty straightforward, and an individual investor really has all of the same advantages as an institutional insider, feel free to check out the first fifteen pages of that second opinion.  You'll get a tiny glimpse into what happens in the "back office" of trades.

And perhaps be horrified.