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Keywords

plaintiffdefendantdamagesmotionwillclass actionmateriality

plaintifftrialmotionclass action

Related Cases

South Carolina Nat. Bank v. Stone, 139 F.R.D. 325, Fed. Sec. L. Rep. P 96,228

Facts

The named plaintiffs, Gordon K. Billipp and Elizabeth W. Billipp, purchased Skylyn Hall bonds and suffered losses. They relied on the integrity of the market and the Preliminary Official Statement when making their investment decisions. The case involved approximately 1,765 bondholders, and the plaintiffs alleged that the defendants engaged in a fraudulent course of conduct, including omissions of material facts.

Named plaintiffs, Gordon K. Billipp and Elizabeth W. Billipp, bought Skylyn Hall bonds. … These named plaintiffs are 'typical' of the class members as a whole.

Issue

Did the proposed class of bondholders satisfy the requirements for class certification under Rule 23?

Rule

Rule 23(a) requires that the class be so numerous that joinder is impracticable, there are common questions of law or fact, the claims of the representative parties are typical of the claims of the class, and the representative parties will fairly and adequately protect the interests of the class. Additionally, Rule 23(b)(3) requires that common issues predominate over individual issues and that a class action is superior to other methods of adjudication.

Fed.R.Civ.P. 23 establishes a two part test for class action certification: … Plaintiffs seek certification of a plaintiff class pursuant to Rule 23(b)(3).

Analysis

The court found that the proposed class met the numerosity requirement due to the large number of bondholders. Common questions of law and fact were present, particularly regarding the alleged omissions and their materiality. The typicality requirement was satisfied as the named plaintiffs' claims arose from the same conduct as those of the class members. The court also determined that the plaintiffs and their counsel would adequately represent the class, and that common issues predominated over individual issues, particularly regarding reliance and damages.

As shown above, this action satisfies the requirements of all four parts of Rule 23(a). The case also satisfies the requirements of Rule 23(b)(3).

Conclusion

The court granted the motion for class certification, allowing the bondholders to proceed as a class in their claims against the defendants.

Accordingly, it is this court's opinion that the fraud issues that are common to each class member predominate over individual issues, and to the extent the individual issues remain after trial, they can be handled in subsequent proceedings.

Who won?

The plaintiffs prevailed in the case as the court granted their motion for class certification, allowing them to proceed collectively in their claims against the defendants.

For the reasons discussed above, plaintiffs' motion for class certification is GRANTED.

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