Eminence Investors, L.L.L.P. v. Bank of New York Mellon

Defendant-Appellant The Bank of New York Mellon (Bank) appeals from the district court order remanding this case to state court after the Bank removed the case pursuant to the Class Action Fairness Act (CAFA) removal provision in 28 U.S.C. § 1453 (b). Because we conclude that the CAFA securities exception, 28 U.S.C. § 1453 (d)(3), applies to this case, we dismiss the appeal for lack of jurisdiction.

I.

Plaintiff-Appellee Eminence Investors, L.L.L.P. (Eminence), originally brought suit against the Bank in California state court in 2011. Almost two years later, Eminence filed a First Amended Complaint (Complaint), adding class allegations on behalf of more than 100 class members and requesting compensatory damages expected to exceed $10 million for each of four causes of action. The Bank is the successor to the indenture trustee under an Indenture of Trust (Indenture) dated November 1, 1996, governing the administration of the $16,000,000 Jensen Ranch Public Financing Authority River Ranch Project — Revenue Bonds, 1996 Series A (Bonds) issued by the Jensen Ranch Public Finance Authority. The Complaint alleges that Eminence and other class members have a common interest as…