In re U.S. Financial Securities Litigation
United States Court of Appeals for the Ninth Circuit
609 F.2d 411 (1979)
- Written by Catherine Cotovsky, JD
Facts
Societe Generale De Banque, Colonial Growth, Bank of Toledo, and several other entities (purchasers) (plaintiffs) brought separate lawsuits against U.S. Financial (USF) (defendant) and others, alleging various claims relating to violations of securities laws, common-law fraud, and negligence. The individual lawsuits were filed in five different federal judicial districts, but because the cases all shared common issues and allegations, the Judicial Panel on Multidistrict Litigation transferred all the cases to the Southern District of California for consolidated proceedings. After the transfer and consolidation, the district court struck all demands for jury trial from the cases on the grounds that the issues presented were too complex to be fairly decided by a jury, and thus fell within an exception to the Seventh Amendment right to jury trial. Several of the parties sought interlocutory appeal.
Rule of Law
Issue
Holding and Reasoning (Anderson, J.)
Dissent (Kilkenny, J.)
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