In This Issue:

- Those Who Provide Investment Advice on Unsecured Securities Are Subject to Class Actions

- A “Mass Action” Under the Class Action Fairness Act Requires at Least 100 Individual Plaintiffs

- Removal to Federal Court Pursuant to the Class Action Fairness Act Gets Easier

- Defeating Class Certification via Evidence on Alleged Public Misrepresentation

- Excerpt from Those Who Provide Investment Advice on Unsecured Securities Are Subject to Class Actions:

In Chadborne & Parke LLP v. Troice et al., four groups of plaintiffs filed state law class-action securities suits alleging that the defendants helped Stanford International Bank and its founder, Allen Stanford, perpetrate a multibillion dollar Ponzi scheme. The plaintiffs were private investors who bought the Bank’s certificates of deposit, and filed suit in two separate states alleging that investment advisers violated state securities law when they helped the Bank perpetuate the fraud.