New Fifth Circuit class certification decision: Regents of the University of California v. Credit Suisse First Boston (USA), Inc.

Yesterday, in Regents of the University of California v. Credit Suisse First Boston (USA), Inc., ___ F.3d ___ (5th Cir. Mar. 19, 2007), the Fifth Circuit reversed an order granting class certification of plaintiffs' securities claims against a group of investment banks allegedly involved in the Enron scandal. This was a Rule 23(f) discretionary interlocutory appeal. One judge filed a concurring opinion expressing his agreement with the outcome, but not the reasoning. An article in this morning's New York Times quotes Bill Lerach as saying he plans to seek U.S. Supreme Court review.

[Hat tips: How Appealing; Blawgletter]