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Eminence Investors, L.L.L.P. v. Bank of New York Mellon

United States Court of Appeals, Ninth Circuit

April 2, 2015

EMINENCE INVESTORS, L.L.L.P., an Arkansas Limited Liability Limited Partnership, Individually, and on behalf of all others similarly situated, Plaintiff-Appellee,
v.
BANK OF NEW YORK MELLON, a New York Banking Corporation, Defendant-Appellant

Argued and Submitted March 9, 2015, San Francisco, California

As Corrected April 4, 2014.

Appeal from the United States District Court for the Eastern District of California. D.C. No. 1:13-cv-02025-AWI-MJS. Anthony W. Ishii, Senior District Judge, Presiding.

APPEAL DISMISSED.

SUMMARY[*]

Class Action Fairness Act / Removal / Jurisdiction

The panel dismissed for lack of subject matter jurisdiction an appeal from the district court's order remanding the case to state court after the defendant had removed the case to federal court pursuant to the Class Action Fairness Act.

The panel held that the securities exception from CAFA removal, 28 U.S.C. § 1453(d)(3), applied to the case, and dismissed for lack of jurisdiction.

David J. Bird (argued), James C. Martin, Eric A. Schaffer, and Benjamin J. Sitter, Reed Smith LLP, Pittsburgh, Pennsylvania; Donald H. Glasrud, Dietrich, Glasrud, Mallek & Aune, Fresno, California, for Defendant-Appellant.

Robert Branch (argued), Thornton Law Group, P.C., Fresno, California; Douglas V. Thornton, Rummonds Thornton, LLP, Fresno, California, for Plaintiff-Appellee.

Before: J. Clifford Wallace, Milan D. Smith, Jr., and Paul J. Watford, Circuit Judges.

OPINION

Page 505

WALLACE, Senior Circuit Judge.

Defendant-Appellant The Bank of New York Mellon (Bank) appeals from the district court order remanding this case to state court after the Bank removed the case pursuant to the Class Action Fairness Act (CAFA) removal provision in 28 U.S.C. § 1453(b). Because we conclude that the CAFA securities exception, 28 U.S.C. § 1453(d)(3), applies to this case, we dismiss the appeal for lack of jurisdiction.

I.

Plaintiff-Appellee Eminence Investors, L.L.L.P. (Eminence), originally brought suit against the Bank in California state court in 2011. Almost two years later, Eminence filed a First Amended Complaint (Complaint), adding class allegations on behalf of more than 100 class members and requesting compensatory damages expected to exceed $10 million for each of four causes of action. The Bank is the successor to the indenture trustee under an Indenture of Trust (Indenture) dated November 1, 1996, governing the administration of the $16,000,000 Jensen Ranch Public Financing Authority River Ranch Project -- Revenue Bonds, 1996 Series A (Bonds) issued by the Jensen Ranch Public Finance Authority. The Complaint alleges that Eminence and other class members have a common ...


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