Securities Actions And The CAFA Conundrum

Law360, New York (May 1, 2009, 12:00 AM EDT) -- The current financial crisis has caused a rise in the number of securities class action lawsuits filed in state courts under the Securities Act of 1933. Security lawyers litigating these cases are often faced with the dilemma of whether these class actions are removable to the federal courts. Compounding this issue is a split of authority within the federal circuits rooted in the conflicting statutes governing removal of class actions.

The Ninth Circuit has determined that removal of these cases is controlled by Section 22(a) of...
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