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Sweeping Litigation Reform Expands Federal Jurisdiction over Class Actions
On Feb. 18, 2005, President Bush signed into law the Class Action Fairness Act of 2005 (“CAFA”), which will apply to any civil action commenced on or after the date of enactment. CAFA is the first major litigation reform legislation to pass Congress in nearly a decade and arguably represents the most significant change in class action law in the United States since the adoption of Rule 23 of the Federal Rules of Civil Procedure in 1967.
CAFA substantially expands federal jurisdiction over large “interstate” class actions:
- by making it dramatically easier for such class action to be filed in, or removed to, federal court under minimal federal diversity requirements; and
- by imposing new rules designed to prevent abuses in the settlement of such class actions.
Henceforth, after CAFA, most major interstate class actions involving more than $5 million at stake will likely end up being litigated in federal court. As such, CAFA represents a seismic shift in how class actions are litigated in this country.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.