REGENTS OF UNIV., CAL. v. CREDIT SUISSE FIRST BOS.

No. 06-20856.

482 F.3d 372 (2007)

REGENTS OF the UNIVERSITY OF CALIFORNIA; Washington State Investment Board; San Francisco City and County Employees' Retirement System; Employer-Teamsters Local Numbers 175 and 505 Pension Trust Fund; Hawaii Laborers Pension Plan; Staro Asset Management LLC; Amalgamated Bank, as Trustee for the Longview Collective Investment Fund; Robert V. Flint; John Zegarski; Mervin Schwartz, Jr.; Steven Smith; Archdiocese of Milwaukee; Greenville Plumbers Pension Plan; Nathaniel Pulsifer, as Trustee of the Shooters Hill Revocable Trust, Plaintiffs-Appellees, v. CREDIT SUISSE FIRST BOSTON (USA), INC.; Credit Suisse First Boston LLC; Pershing LLC; Merrill Lynch & Company, Inc.; Merrill Lynch Pierce Fenner & Smith, Inc.; Defendants-Appellants, Barclays PLC; Barclays Bank PLC; Barclays Capital, Inc., Appellants.

United States Court of Appeals, Fifth Circuit.

March 19, 2007.


Attorney(s) appearing for the Case

William S. Lerach, Eric Alan Isaacson, Joseph David Daley, Helen J. Hodges, Spencer Alan Burkholz, Lerach, Coughlin, Stoia, Geller, Rudman & Robbins, San Diego, CA, Sanford Svetcov, Patrick J. Coughlin (argued), Lerach, Coughlin, Stoia, Geller, Rudman & Robbins, San Francisco, CA, for Plaintiffs-Appellees.

David H. Braff, Jeffrey T. Scott, Marc De Leeuw, Michael T. Tomaino, Sullivan & Cromwell, New York City, Barry Abrams, Abrams, Scott & Bickley, Houston, TX, for Appellants.

Richard W. Clary (argued), Julie A. North, Darin P. McAtee, Cravath, Swaine & Moore, New York City, George W. Bramblett, Jr., Noel M.B. Hensley, Haynes & Boone, Dallas, TX, Lawrence David Finder, Odean L. Volker, Haynes & Boone, Houston, TX, for Credit Suisse Appellants and Pershing, LLC.

David Michael Gunn, David J. Beck, Russell Stanley Post, Beck, Redden & Secrest, Houston, TX, Stuart J. Baskin (argued), Herbert S. Washer, Adam S, Hakki, Shearman & Sterling, New York City, for Merrill Lynch & Co., Inc. and Merrill Lynch Pierce Fenner & Smith, Inc.

Laura W. Brill, David Siegel, Jonathan P. Steinsapir, Irell & Manella, Los Angeles, CA, for Clearing House Ass'n, LLC, Securities Industry & Financial Markets Ass'n and Chamber of Commerce of U.S., Amici Curiae.

David S. Morales, Asst. Atty. Gen., Austin, TX, for State Atty. Gens., Amicus Curiae.

Before JOLLY, SMITH and DENNIS, Circuit Judges.


JERRY E. SMITH, Circuit Judge:

Having been granted leave to pursue an interlocutory appeal, see FED.R.CIV.P. 23(f), defendants challenge an order certifying a single class of plaintiffs. Relying largely on Central Bank, N.A. v. First Interstate Bank, N.A., 511 U.S. 164, 114 S.Ct. 1439, 128 L.Ed.2d 119 (1994), and its progeny, we reverse and remand.

I.

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