Lawyers Split On Fifth Circuit's Test For Class Status

Law360 (May 18, 2007, 12:00 AM EDT) -- Perhaps not surprisingly, last week’s Fifth Circuit Court of Appeals ruling that plaintiffs in securities actions must prove loss causation to achieve class status has been hailed by defense attorneys and decried by their friends on the other side of the bar table.

And perhaps equally unsurprising is that the majority’s revocation of class certification to shareholders in the Oscar v. Allegiance Telecom case was, depending on which side of the table you sit, either a natural evolution of an earlier U.S. Supreme Court ruling or...
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