coopers
lybrand
livesay
argued
march
decided
june
respondents
purchased
securities
reliance
prospectus
brought
action
behalf
class
similarly
situated
purchasers
alleging
petitioner
accounting
firm
violated
federal
securities
laws
district
first
certified
action
class
action
fed
rule
civ
proc
proceedings
decertified
class
respondents
filed
notice
appeal
pursuant
courts
appeals
jurisdiction
appeals
final
decisions
district
courts
except
direct
review
may
examining
amount
respondents
claims
relation
financial
resources
probable
cost
litigation
appeals
concluded
pursue
claims
individually
basis
death
knell
doctrine
assumes
without
incentive
possible
group
recovery
individual
plaintiff
may
find
economically
imprudent
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final
judgment
seek
appellate
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hear
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order
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contend
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knell
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behest
named
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pp
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thomas
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briefs
veryl
riddle
john
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amhowitz
melvyn
weiss
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lawrence
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specthrie
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ross
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coopers
lybrand
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punta
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isles
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finally
order
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judgment
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named
plaintiff
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airlines
mcdonald
reasons
courts
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consistently
recognized
doctrine
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may
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refuse
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ground
example
common
questions
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fact
predominate
death
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plaintiff
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kinds
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create
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appeals
every
complex
case
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knell
doctrine
authorizes
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made
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judge
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act
enacted
meet
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prompt
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judge
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appeals
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may
deny
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docket
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permitting
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right
orders
jurisdictional
determinations
turn
questions
fact
death
knell
doctrine
circumvents
restrictions
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considerations
reinforce
conclusion
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knell
doctrine
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prejudgment
orders
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class
certification
first
doctrine
operates
favor
plaintiffs
even
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issue
whether
certify
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class
often
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well
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class
may
increase
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potential
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may
find
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prudent
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appeals
correctly
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whatever
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differences
plaintiffs
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allowing
appeals
right
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orders
turn
facts
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case
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indiscriminately
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process
thus
defeats
one
vital
purpose
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appropriate
relationship
respective
courts
goal
absence
compelling
reasons
contrary
much
worth
preserving
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hold
fact
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order
may
induce
party
abandon
claim
final
judgment
sufficient
reason
considering
final
decision
within
meaning
judgment
appeals
reversed
directions
dismiss
appeal
ordered
footnotes
compare
hackett
general
host
cert
denied
king
kansas
city
southern
industries
holding
order
immediately
appealable
hartmann
scott
ott
speedwriting
pub
eisen
carlisle
jacquelin
cert
denied
holding
order
immediately
appealable
defendants
punta
gorda
several
officers
directors
also
filed
petition
writ
certiorari
punta
gorda
isles
livesay
granted
certiorari
case
parties
entered
tentative
settlement
agreement
respondents
petitioners
agreed
dismiss
petition
petitioner
case
however
stipulate
dismissal
petition
view
tentative
nature
settlement
case
moot
securities
act
ed
securities
exchange
act
section
provides
district
judge
making
civil
action
order
otherwise
appealable
section
shall
opinion
order
involves
controlling
question
law
substantial
ground
difference
opinion
immediate
appeal
order
may
materially
advance
ultimate
termination
litigation
shall
state
writing
order
appeals
may
thereupon
discretion
permit
appeal
taken
order
application
made
within
ten
days
entry
order
provided
however
application
appeal
hereunder
shall
stay
proceedings
district
unless
district
judge
appeals
judge
thereof
shall
order
respondents
also
petitioned
writ
mandamus
directing
district
recertify
class
since
appeals
accepted
appellate
jurisdiction
dismissed
petition
writ
mandamus
plaintiffs
employed
aggregate
yearly
gross
income
total
net
worth
approximately
sum
cash
remainder
consists
equity
home
investments
december
plaintiffs
already
incurred
expenses
excess
connection
lawsuit
plaintiffs
new
counsel
estimated
expenses
lawsuit
nature
case
require
extensive
discovery
much
must
take
place
florida
defendants
reside
moreover
allegations
regarding
prospectus
financial
statements
likely
require
expert
testimony
trial
considering
relevant
information
record
convinced
plaintiffs
sustained
burden
showing
pursue
individual
claim
decertification
order
stands
although
plaintiffs
total
net
worth
absorb
cost
litigation
takes
great
understanding
mysteries
high
finance
make
obvious
futility
spending
thousand
dollars
get
thousand
dollars
even
less
douglas
protective
committees
railroad
reorganizations
harv
rev
conclude
jurisdiction
hear
appeal
livesay
punta
gorda
isles
unanimous
cobbledick
justice
frankfurter
wrote
since
right
judgment
one
matter
grace
necessary
ingredient
justice
congress
beginning
forbidding
piecemeal
disposition
appeal
practical
purposes
single
controversy
set
enfeebling
judicial
administration
thereby
avoided
obstruction
claims
come
permitting
harassment
cost
succession
separate
appeals
various
rulings
litigation
may
give
rise
initiation
entry
judgment
effective
judicial
administration
must
momentum
arrested
permitting
separate
reviews
component
elements
unified
cause
eisen
carlisle
jacquelin
summarized
rule
cohen
decision
appears
fall
small
class
finally
determine
claims
right
separable
collateral
rights
asserted
action
important
denied
review
independent
cause
require
appellate
consideration
deferred
whole
case
adjudicated
rule
provides
order
involving
class
status
may
altered
amended
decision
merits
thus
district
order
denying
granting
class
status
inherently
tentative
evaluation
many
questions
entering
determination
class
action
questions
intimately
involved
merits
claims
typicality
representative
claims
defenses
adequacy
representative
presence
common
questions
law
fact
obvious
examples
complex
determinations
required
rule
class
actions
entail
even
greater
entanglement
merits
wright
miller
cooper
federal
practice
procedure
see
king
kansas
city
southern
industries
williams
mumford
app
cert
denied
see
supra
plaintiff
resources
size
claim
subjective
willingness
finance
prosecution
claim
probable
cost
litigation
possibility
joining
others
share
cost
prospect
prevailing
merits
reversing
order
denying
class
certification
korn
franchard
thus
orders
denying
class
certification
held
nonappealable
plaintiffs
alleged
damages
range
shayne
madison
square
garden
korn
franchard
supra
gosa
securities
inv
domaco
venture
capital
fund
teltronics
services
smaller
claims
however
held
sufficient
support
appellate
jurisdiction
cases
see
green
wolf
cert
denied
see
supra
thus
clear
prospect
recovering
provide
incentive
sustain
complex
litigation
corporate
defendants
prospect
recovering
yet
test
allows
appeal
latter
case
former
compare
green
wolf
supra
gosa
securities
inv
supra
arbitrariness
approach
exacerbated
fact
courts
appeals
settled
specific
jurisdictional
amount
rather
simply
determined
ad
hoc
basis
whether
plaintiff
claim
small
warrant
individual
prosecution
cf
milberg
western
pacific
see
hooley
red
carpet
ott
speedwriting
pub
hooley
red
carpet
supra
see
jelfo
hickok
mfg
see
supra
thus
congress
rejected
notion
courts
appeals
free
entertain
interlocutory
appeals
whenever
discretion
appeared
necessary
avoid
unfairness
particular
case
note
interlocutory
appeals
federal
courts
harv
rev
supra
also
recognize
savings
may
nullified
practice
indulgent
extension
amendment
inappropriate
cases
enforced
consideration
courts
appeals
many
applications
review
problem
therefore
provide
procedural
screen
desired
cases
may
pass
avoid
wastage
multitude
fruitless
applications
invoke
amendment
contrary
purpose
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trial
certify
case
appropriate
appeal
serves
double
purpose
providing
appellate
best
informed
opinion
immediate
review
value
protects
appellate
dockets
flood
petitions
inappropriate
cases
voidance
applications
courts
appeals
piecemeal
review
particular
concern
consequence
change
crowded
appellate
dockets
well
substantial
number
unjustified
delays
trial
benefits
expected
amendment
may
well
outweighed
lost
motion
preparation
consideration
rejection
unwarranted
applications
benefits
hearings
subcommittee
house
committee
judiciary
several
courts
appeals
heard
appeals
discretionary
class
determinations
pursuant
see
lukenas
bryce
mountain
resort
susman
lincoln
american
see
also
samuel
university
pittsburgh
judge
friendly
noted
best
solution
hold
appeals
grant
denial
class
action
designation
taken
procedure
interlocutory
appeals
provided
since
need
review
class
action
orders
turns
facts
particular
case
procedure
preferable
attempts
formulate
standards
necessarily
vague
give
rise
undesirable
jurisdictional
litigation
concomitant
expense
delay
parkinson
april
industries
concurring
opinion
congress
position
weigh
competing
interests
dockets
trial
appellate
courts
consider
practicability
savings
time
expense
give
proper
weight
effect
litigants
authorized
approve
declare
judicial
modification
responsibility
courts
see
unauthorized
extension
reduction
jurisdiction
direct
indirect
occurs
federal
system
ad
hoc
decisions
disorganize
practice
encouraging
attempts
secure
oppose
appeals
consequent
waste
time
money
choices
fall
legislative
domain
baltimore
contractors
bodinger
parkinson
april
industries
supra
respondents
also
suggest
decision
gillespie
steel
supports
appealability
order
matter
right
disagree
gillespie
upheld
exercise
appellate
jurisdiction
considered
marginally
final
order
disposed
unsettled
issue
national
significance
review
issue
unquestionably
implemented
policy
congress
sought
promote
arguable
finality
issue
presented
argument
merits
thereby
ensuring
none
policies
judicial
economy
served
finality
requirement
achieved
case
sent
back
important
issue
undecided
case
contrast
respondents
sought
review
inherently
nonfinal
order
tentatively
resolved
question
turns
facts
individual
case
noted
indiscriminate
allowance
appeals
discretionary
orders
plainly
inconsistent
policies
promoted
gillespie
extended
beyond
unique
facts
case
stripped
significance