United States Seventh Circuit

In an action brought under the Commodity Exchange Act involving allegations that defendant cornered a futures market, district court's certification of a plaintiff class is affirmed where: 1) at least one member of the certified class has a plausible claim to have suffered damages and thus the requirement of standing is satisfied; 2) defendants have not shown that the class definition clearly was overbroad; and 3) it would be premature to deny a class certification because of a potential conflict of interest that is and may not become actual.

Appellate Information

• Argued 04/01/2009
• Decided 07/07/2009
• Published 07/07/2009

Judges

• POSNER, Circuit Judge., Before POSNER, EVANS, and TINDER, Circuit Judges.

Court

• United States Seventh Circuit

Counsel

• For Appellant:
  
• Maureen E. Mahoney, Attorney, Latham & Watkins LLP, Washington, DC, Miles N. Ruthberg (argued), Latham & Watkins LLP, Los Angeles, CA, for Pacific Investment Management Company LLC, PIMCO Funds., Blake T. Hannafan, Hannafan & Associates, Nicholas A. Pavich, Chicago, IL, Miles N. Ruthberg (argued), Latham & Watkins LLP, Los Angeles, CA, for PIMCO Funds.


• For Appellees:
  
• Christopher P. Lovell (argued), Lovell Stewart Halebian, LLP, New York, NY, Marvin A. Miller, Miller Law LLC, Chicago, IL, for Plaintiffs-Appellees.