UPenn Almanac: University of Pennsylvania Wins 2025 Keedy Cup

The 2025 Edwin R. Keedy Cup winners are Ari Goldstein, L’25, WG’25, and Douglas Snyder, L’25, MBE’26. These two individuals successfully argued for the respondents in the case of NVIDIA Corporation v. E. Ohman J:or Fonder AB, ultimately earning them the prestigious title.

The Keedy Cup competition, named after Edwin R. Keedy, a former dean of the Penn Law School during World War II, is an annual moot court competition at Penn Carey Law School. The event serves as an opportunity for students to showcase their legal skills and knowledge in a competitive environment.

Not only did Mr. Goldstein and Mr. Snyder emerge as winners of the Keedy Cup, but Mr. Goldstein also received the distinction of Best Oralist during the competition. Additionally, Benjamin Kilano, L’25, and Raymond LaMotta, L’25, were responsible for arguing on behalf of the petitioners during the case.

The competition process begins in the spring when second-year students have the chance to participate in the Keedy Cup Preliminaries. Based on written briefs and multiple rounds of oral arguments, the top four students with the highest scores advance to the Keedy Cup Finals.

During the Keedy Cup Finals, these four finalists are tasked with briefing and arguing a pending Supreme Court case, NVIDIA Corporation v. E. Ohman J:or Fonder AB, in front of a panel of current federal judges in Fitts Auditorium. The case involved a class action lawsuit filed against NVIDIA Corporation by Swedish investment management firm, E. Öhman J:or Fonder AB, and others. The plaintiffs alleged that NVIDIA had deliberately downplayed its reliance on sales to cryptocurrency miners, a market known for its volatility.

The district court initially dismissed the complaint, citing a failure to meet the heightened pleading standards outlined by the Private Securities Litigation Reform Act (PSLRA), which aims to prevent securities litigation abuses. However, the plaintiffs appealed the decision, leading to a reversal by a divided panel of the Ninth Circuit Court of Appeals. This reversal prompted NVIDIA to take the case to the U.S. Supreme Court, where two critical questions were brought to light:

– Whether plaintiffs alleging scienter (intent to deceive) under the PSLRA are required to provide specific details from internal company documents.
– Whether plaintiffs can satisfy the falsity requirement of the Act by relying on expert opinions rather than specific factual allegations.

The high-stakes nature of this case and the impressive performances by the Keedy Cup winners demonstrate the exceptional legal talent and skills fostered at Penn Carey Law School.