A New Standard For Class Certification

Law360, New York (December 15, 2006, 12:00 AM EST) -- Last week, a panel of the United States Court of Appeals for the Second Circuit unanimously overturned a district court order granting class certification in six test cases of the more than three hundred consolidated cases in the In re: Initial Public Offering Securities Litigation, ___ F.3d ___, 2006 WL 3499937 (2d Cir. Dec. 5, 2006).

The business press understandably has emphasized the financial significance of the decision for the parties to the case, who were litigating claims alleged to involve billions of dollars.

But the...
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