Coopers & Lybrand v. Livesay
- Decided
- June 21, 1978
- Docket
- 76-1836
- Status
- Published
- Jurisdiction
- Federal
Cited 3,269 timesSuperseded by statute (verified)Possible negative treatment: superseded by statute, superseded on other grounds, overruled on other grounds, disapproved, abrogated (2 of 35 verified; none is a verified overruling) · Coleman v. United Services Automobile Association
What later courts said
- holding that Eisen should not be construed to limit artificially the trial court’s class-certification determination — Intratex Gas Co. v. Beeson (2000)
- holding that an order denying class certification is subject to effective review after final judgment — Z-Seven Fund, Inc. v. Motorcar Parts & Accessories (2000)
- holding that because a district court's order denying class certification is not a final decision, such an order is not appealable as a matter of right — Milan Express Company, Inc. v. Western Surety Company (1989)
Each line is a later court’s own words about this case, not a summary. Read the opinion before relying on it.
How the opinion begins
Me. Justice Stevens delivered the opinion of the Court.
The question in this case is whether a district court’s determination that an action may not be maintained as a class action pursuant to Fed. Rule Civ. Proc. 23 is a “final decision” [*465] within the meaning of 28 U. S. C. § 1291 [1] and therefore appealable as a matter of right. Because there is a conflict in the Circuits over this issue, [2] we granted certiorari and now hold that such an order is not appealable under § 1291.
Petitioner, Coopers & Lybrand, is an accounting firm that certified the financial statements in a prospectus issued in connection with a 1972 public offering of securities in Punta Gorda Isles for an aggregate price of over $18 million. Respondents purchased securities in reliance on that prospectus. In its next annual report to shareholders, Punta Gorda restated the earnings that had been reported in the prospectus for 1970 and 1971 by writing down its net income for each year by over $1 million. Thereafter, respondents sold their Punta Gorda securities and sustained a loss of $2,650 on their investment.
Statutes cited
Cite this
Coopers & Lybrand v. Livesay, 437 U.S. 463 (1978)Read the full opinion
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