CALIFORNIA PUBLIC EMPLOYEES' v. WORLDCOM, INC.

Docket No. 04-0219.

368 F.3d 86 (2004)

CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM, Plaintiff-Appellant, v. WORLDCOM, INC., Bernard J. Ebbers, James C. Allen, Max E. Bobbitt, Arthur Andersen, LLP, Citigroup Global Markets, Clifford Alexander, Jr., Judith Areen, Carl J. Aycock, Francesco Galesi, Stiles A. Kellett, Jr., Gordon S. Macklin, John A. Porter, Bert C. Roberts, Jr., John W. Sidgmore, Lawrence C. Tucker, Juan Villalonga, ABN AMRO Incorporated, Bank of America Securities, LLC, Bank of America Corporation, Credit Suisse First Boston, LLC, Deutsche Bank AG, Deutsche Bank Alex Brown, Inc., Goldman Sachs & Co., Goldman Sachs Group, Inc., J.P. Morgan & Co., J.P. Morgan Securities Inc., Lehman Brothers Holdings Inc., Lehman Brothers Inc., Nationsbanc Montgomery Securities, LLC and UBS Warburg, LLC, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: May 11, 2004.


Attorney(s) appearing for the Case

William S. Lerach (Darren J. Robbins, Spencer A. Burkholz, Michael J. Dowd, Randall J. Baron, Thomas E. Egler, Douglas R. Britton, Susan G. Taylor and Benny C. Goodman III, of counsel), Milberg Weiss Bershad Hynes & Lerach, San Diego, CA (Patrick J. Coughlin, Randi D. Bandman, Azra Z. Mehdi, Luke O. Brooks, Sylvia Sum, and Connie M. Cheung, of counsel, Milberg Weiss Bershad Hynes & Lerach, San Francisco, CA), for Plaintiff-Appellant.

Jay B. Kasner (Susan L. Saltzstein, Cyrus Amir-Mokri, Steven J. Kolleeny, Beverly A. Farrell, of counsel), Skadden, Arps, Slate Meagher & Flom LLP, New York, NY, for Underwriter Defendants.

Paul C. Curnin (David Elbaum, Bryce L. Friedman, David H. LaRocca, of counsel), Simpson Thacher & Bartlett LLP, New York, NY, for WorldCom Director Defendants.

John P. Coffey (Max W. Berger, Steven B. Singer, Chad Johnson, Beata Gocyk-Farber, John C. Browne, Jennifer L. Edlind, of counsel), Bernstein Litowitz Berger & Grossmann LLP, New York, N.Y. (Leonard Barrack, Gerald J. Rodos, Jeffrey W. Golan, Mark R. Rosen, Jeffrey A. Barrack, Pearlette V. Toussant, of counsel, Barrack Rodos & Bacine, Philadelphia, PA), for Lead Class-Action Plaintiff.

Martin London (Brad S. Karp, Eric S. Goldstein, Joyce S. Huang, Andrew J. Ehrlich, of counsel), Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Citigroup Defendants.

Eliot Lauer, Curtis, Mallet-Prevost, Colt & Mosle LLP, New York, NY, for Defendant Arthur Andersen LLP.

R. David Kaufman, Brunini, Grantham, Grower & Hewes, PLLC, Jackson, MS, for Defendant Bernard J. Ebbers.

Lewis J. Liman (Thomas J. Moloney, David H. Herrington, Katherine J. Roberts, of counsel), Cleary, Gottlieb, Steen & Hamilton, New York, NY, for amici curiae the Securities Industry Association and the Bond Market Association.

Before: OAKES and CABRANES, Circuit Judges.


JOSÉ A. CABRANES, Circuit Judge.

In this case of first impression in the courts of appeals, we are asked to decide whether a federal district court may exercise bankruptcy jurisdiction over generally nonremovable claims brought under the Securities Act of 1933. This is a close question, as it involves a direct conflict between two unambiguous statutes — Section 22(a) of the Securities Act of 1933,2 which bars removal of individual...

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