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9th Circ. Says CAFA Exception Sends Bond Suit To State Court

Law360, New York (April 2, 2015, 6:48 PM EDT) -- The Ninth Circuit said Thursday in a precedential opinion that it doesn't have the authority to hear an appeal of a class action against Bank of New York Mellon over $16 million worth of bonds because the securities exception to the Class Action Fairness Act takes that authority away.

Eminence Investors LLLP had sued BNY Mellon in California state court, saying that BNY had to compensate it for damage caused by the bonds' default. The bank then removed the suit to California federal court under CAFA's...
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