U.S. Court of Appeals for the Second Circuit

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Review denied

May 08, 2007

U.S. Chamber urges Second Circuit to review class certification and foreign shareholders

April 17, 2007

Urging the Second Circuit to grant review of the district court’s certification order, NCLC argued that the issue whether foreign shareholders’ claims can be certified is an important one which should be resolved without delay. In this case, Vivendi Universal is being sued by a group of domestic and foreign shareholders for securities fraud under U.S. laws. Though it conceded that it could not be sure that any settlement or judgment of this action would be preclusive in the foreign shareholders’ home jurisdictions, the district court certified the class which included shareholders from England, France and the Netherlands. In its brief, NCLC argued that there should be a virtual certainty of preclusive effect before a class including foreign members should ever be certified.

Case Documents