1. U.S. Class Action Update

2. Hot Topics
Opt Outs
Amendments to FRCP 23

3. CalPERS v. ANZ Securities Argued SCOTUS April 17, 2017
Does the filing of class complaint toll the statute of repose for opt outs?
1933 Securities Act, §11 – truth in registration statements
§13 – statue of limitation – 1 year from when violation was/should have been discovered
§13 – statute of repose – not more than 3 yrs. from offer or sale

4. Notice – Rule 23(c)(2)(B) Old Rule “best notice practicable…” New Rule
May be by U.S. mail, electronic means, or other appropriate means

5. Objections – Rule 23(e)(5)
Old Rule
Class members may object to any proposal requiring court approval
Court approval required to withdraw objection
New Rule
Objection must state whether applies to all or subset of class and specify grounds
Payment for abandoning objection requires court approval

6. Settlement Approval – Rule 23(e)(2)
Old Rule
Finding of “fair, reasonable, and adequate”
New Rule
Consider adequacy of representation; arms length negotiations; adequacy of relief, taking into account:
costs, risks, delay of trial + appeal
effectiveness of distributing relief
terms of proposed attorneys’ fee award
equitable treatment among class members

7. Appeals – Rule 23(f) Old Rule
“appeal from an order granting or denying class- action certification under this rule”
New Rule
“but not from an order under 23(e)(1)” (settlements)