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In the last few years, some courts developed a trend that limited investors from representing others in cases for fraud in the residential mortgage-backed securities (“RMBS”) market. Specifically, certain courts precluded class plaintiffs from suing for those who purchased securities derived from the same shelf statement but who did not purchase the same security. Other courts limited classes to investors in the same trust (regardless of tranche level). But those limitations, at least for some, were lifted by the U.S. Court of Appeals for the Second Circuit in NECA-IBEW Health & Welfare Fund v. Goldman Sachs & Co.,1 so it may be time to rethink class membership.
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