Docket No. 10-4401-cv.

689 F.3d 229 (2012)

In re AMERICAN INTERNATIONAL GROUP, INC. SECURITIES LITIGATION Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio, Ohio Police and Fire Pension Fund, Plaintiffs-Appellants, v. General Reinsurance Corporation, Ronald E. Ferguson, Richard Napier, John Houldsworth, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: August 13, 2012.

Attorney(s) appearing for the Case

Thomas A. Dubbs , Labaton Sucharow LLP, New York, NY, ( Louis Gottlieb , Labaton Sucharow LLP, New York, NY; Alan S. Kopit , Hahn Loeser & Parks LLP, Cleveland, OH, on the brief), for Plaintiffs-Appellants.

George M. Garvey , Munger, Tolles & Olson LLP, Los Angeles, CA, ( Peter L. Zimroth , Kerry A. Dziubek , Arnold & Porter LLP, New York, NY), for Defendant-Appellee General Reinsurance Corporation.

Frank J. Silvestri, Jr. , Levett Rockwood P.C., Westport, CT, for Defendant-Appellee Richard Napier.

Douglas Koff , Paul, Hastings, Janofsky & Walker LLP, New York, NY, for Defendant-Appellee Ronald E. Ferguson.

Before: WINTER, KATZMANN, and LYNCH, Circuit Judges.

GERARD E. LYNCH, Circuit Judge:

In this class action case, we face a rare joint appeal from a district court's order. After the parties arrived at a settlement agreement, the district court (Deborah A. Batts, J.) denied plaintiffs' motion to certify a settlement class. The court held that the class could not satisfy the predominance requirement of Federal Rule of Civil Procedure 23(b)(3) because the fraud-on-the-market presumption does not apply to the class...

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