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PENNSYLVANIA PUBLIC SCHOOL v. MORGAN STANLEY & CO.

Docket Nos. 13-2095-cv(L), 13-2283-cv(XAP), 13-2286-cv(XAP), 13-2287-cv(XAP).

772 F.3d 111 (2014)

Commonwealth of PENNSYLVANIA PUBLIC SCHOOL EMPLOYEES' RETIREMENT SYSTEM, together and on behalf of all others similarly situated, Commerzbank AG, together and on behalf of all others similarly situated, Plaintiffs-Appellants-Cross-Appellees, Abu Dhabi Commercial Bank, individually and on behalf of all others similarly situated, King County, Washington, together and on behalf of all others similarly situated, Sei Investments Company, together and on behalf of all others similarly situated, The Bank of N.T. Butterfield & Son Limited, SFT Collective Investment Fund, Deutsche Postbank AG, Global Investment Services Limited, Gulf International Bank B.S.C., National Agricultural Cooperative Federation, together and on behalf of all others similarly situated, State Board of Administration of Florida, together and on behalf of all others similarly situated, Bank Sinopac, together and on behalf of all others similarly situated, Bank Hapoalim B.M., together and on behalf of all others similarly situated, KBL European Private Bankers S.A., Plaintiffs, v. MORGAN STANLEY & CO., INCORPORATED, Morgan Stanley & Co. International Limited, Moody'S Investor Service, Inc., Moody's Investor Service, Ltd., The Mcgraw-Hill Companies, Inc., Standard & Poor's Rating Services, Defendants-Appellees-Cross-Appellants, Cheyne Capital Management Limited, Cheyne Capital Management (UK) LLP, Cheyne Capital International Limited, The Bank of New York Mellon, formerly known as The Bank of New York, QSR Management Limited, Defendants.

United States Court of Appeals, Second Circuit.

Decided October 31, 2014.

Amended November 12, 2014.

Attorney(s) appearing for the Case

Luke O. Brooks (Joseph D. Daley & Daniel S. Drosman, San Diego, CA) Robbins Geller Rudman & Dowd LLP, San Francisco, CA, for Plaintiffs-Appellants-Cross-Appellees.

James P. Rouhandeh (Antonio J. Perez-Marques, Paul S. Mishkin, Jessica L. Turner, on the joint brief) Davis Polk & Wardwell LLP, New York, NY, for Defendants-Appellees-Cross-Appellants Morgan Stanley & Co. Inc. and Morgan Stanley & Co. Int'l Ltd.

Dean Ringel, Jason M. Hall, Roxana Labatt, Cahill Gordon & Reindel LLP, New York, NY, on the joint brief, for Defendants-Appellees-Cross-Appellants Standard & Poor's Ratings Services and The McGraw-Hill Companies, Inc.

Joshua M. Rubins, James J. Coster, Mario Aieta, James I. Doty, Satterlee Stephens Burke & Burke LLP, New York, NY; Mark A. Perry, Gibson, Dunn & Crutcher LLP, Washington, DC, on the joint brief, for Defendants-Appellees-Cross-Appellants Moody's Investors Service, Inc. and Moody's Investors Service Ltd.

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

WINTER, Circuit Judge:

The Commonwealth of Pennsylvania Public School Employees' Retirement System ("PSERS") and Commerzbank AG ("Commerzbank") appeal from Judge Scheindlin's order of final judgment. See Fed.R.Civ.P. 54(b). That judgment encompassed several previous orders that, as relevant to this appeal: (i) denied class certification under Fed.R.Civ.P. 23 based on appellants' failure to establish numerosity and predominance of common issues; (ii) dismissed...

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