Although Rule 23 of the Federal Rules of Civil Procedure was adopted nearly 70 years ago, basic questions about the standards governing the certification of putative plaintiff classes remain unsettled.

A recent decision by the 2nd U.S. Circuit Court of Appeals, In Re Initial Public Offering Securities Litigation, 471 F3d 24 (2d Cir. Dec. 5, 2006), acknowledged this surprising uncertainty and clarified the standards governing class certification motions.

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