Law360, New York ( September 12, 2012, 12:40 PM EDT) -- On Aug. 31, 2012, the United States Supreme Court granted certiorari in Standard Fire Insurance Co. v. Knowles, No. 11-1450, indicating its intent to address, for the first time, the scope of the Class Action Fairness Act of 2005 ("CAFA"). Specifically, the court granted certiorari to decide whether a named plaintiff in a putative class action can avoid federal jurisdiction under CAFA by stipulating that she seeks damages, on behalf of herself and the absent class members, in an amount less than the jurisdictional minimum of $5 million. In doing so, the court will resolve a split among several circuit courts of appeals and address an issue that has considerable ramifications for the reach of CAFA....