Ahead of the Summons

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Class Actions Reconsidered?

The Second Circuit dropped a Fizzie® in the punchbowl in December when it decided In re Initial Public Offering Securities Litigation, 471 F.3d 24 (2007), a securities

class action case. It reversed class certification in six “focus cases” from 310 consolidated class

actions. The opinion is likely to affect more than those consolidated cases.

AND:

Subprime Sturm Und Drang

Sharpen your knives. The subprime mortgage market, which has helped fuel the economy and put 2 million families into homes over the last five years, is under attack. In March, the Federal Financial Institution Regulatory Agencies (OCC, FRB, FDIC, OTS, and NCUA) issued for comment a proposed “Statement on Subprime Mortgage Lending.” It is intended to enlarge upon the September 2006 “Interagency Guidance on Nontraditional Mortgage Product

Risks,” which was limited to the risks posed by “Interest-Only Mortgages” and “Payment Option

ARMs.”

AND:

Made in Japan

Consumer class actions may soon be coming to Japan. The Japanese Consumer Contract Act (“CCA”) was amended in May 2006 (effective June 2007) to provide for a limited class action-type mechanism for consumer litigation.

AND:

Fireside Chat

In January, the California Supreme Court heard oral argument in a potentially important class action

case that snuck under everyone’s radar. The case is called Fireside Bank v. Superior Court, No. S139171, and it involves the issue of “one-way intervention.”

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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