LUTHER v. COUNTRYWIDE FINANCIAL CORP.

No. B222889.

195 Cal.App.4th 789 (2011)

DAVID H. LUTHER et al., Plaintiffs and Appellants, v. COUNTRYWIDE FINANCIAL CORPORATION et al., Defendants and Respondents.

Court of Appeals of California, Second District, Division Five.

May 18, 2011.


Attorney(s) appearing for the Case

Robbins Geller Rudman & Dowd, Spencer A. Burkholz , Kevin K. Green , Thomas E. Egler , Scott H. Saham ; Barroway Topaz Kessler Meltzer & Check, Andrew L. Zivitz , Lauren W. Pederson and Jennifer L. Joost for Plaintiffs and Appellants.

Goodwin Procter , Lloyd Winawer , Joshua S. Lipshutz , Brian E. Pastuszenski and Inez H. Friedman-Boyce for Defendants and Respondents Countrywide Financial Corporation, Countrywide Home Loans, Inc., CWALT, Inc., CWMBS, Inc., CWABS, Inc., CWHEQ, Inc., Countrywide Capital Markets, Countrywide Securities Corporation and N. Joshua Adler.

Paul, Hastings, Janofsky & Walker, William F. Sullivan , Joshua G. Hamilton , D. Scott Carlton and Peter Y. Cho for Defendants and Respondents Ranjit Kripalani and Jennifer S. Sandefur.

Orrick, Herrington & Sutcliffe, Michael C. Tu , Michael D. Torpey and Penelope Graboys Blair for Defendant and Respondent David Sambol.

Gibson, Dunn & Crutcher, Dean J. Kitchens and Alexander K. Mircheff for Defendants and Respondents Banc of America Securities LLC, Barclays Capital Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Edward D. Jones & Co., L.P., Deutsche Bank Securities Inc., Goldman, Sachs & Co., Greenwich Capital Markets, Inc. aka RBS Greenwich Capital, HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith, Inc., Morgan Stanley & Co. Inc., and UBS Securities LLC.

Bingham McCutchen and Jennifer M. Sepic for Defendant and Respondent David A. Spector.

Caldwell Leslie & Proctor, Christopher G. Caldwell , David C. Codell and Jeffrey M. Hammer for Defendant and Respondent Stanford L. Kurland.

DLA Piper , Shirli Fabbri Weiss , David Priebe and Nicolas Morgan for Defendant and Respondent Eric P. Sieracki.


OPINION

ARMSTRONG, Acting P. J.

This case presents a single issue of statutory interpretation. The federal Securities Act of 1933 (the 1933 Act; 15 U.S.C. § 77a et seq.), as amended by the Securities Litigation Uniform Standards Act of 1998 (SLUSA; Pub.L. No. 105-353 (Nov. 3, 1998) 112 Stat 3227), provides for concurrent jurisdiction for cases asserting claims under the 1933 Act, except as specifically provided with regard to certain...

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