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Civil Procedure Keyed to Cound
Coopers & Lybrand v. Livesay
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The Respondents alleged that the Petitioner, Coopers & Lybrand (Petitioner), an accounting firm and other defendants had violated various sections of the Securities Act of 1933 and the Securities Exchange Act of 1934. The District Court first certified and then, after further proceedings, decertified the class. The Respondents did not request the District Court to certify its order for interlocutory review under 28 U.S.C. Section:1292(b), rather, Respondents filed a notice of appeal pursuant to Section:1291. The Court of Appeals based its jurisdiction over this case on the question of whether the decertification order had sounded the “death knell” of the action. The Court of Appeals concluded that the Respondents could not pursue their claims individually after examining the amount of their claims in relation to their financial resources and the probable cost of litigation. The Court of Appeals had determined that it had jurisdiction and reversed the District Court’s order decertifying the class.
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