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Submitted: September 19, 2000

Defendants-appellants Credit Lyonnais Rouse, Ltd. and Credit Lyonnais, S.A. move, pursuant to Fed. R. Civ. P. 23(f) and Fed. R. App. P. 5, for leave to appeal from an order of the United States District Court for the Southern District of New York (Milton Pollack, Senior Judge) certifying a class consisting of more than 20,000 copper futures contract traders who had executed trades over a discontinuous 27-month period, and for a stay of trial proceedings pending the resolution of such an appeal.

We hold that a party seeking leave to appeal pursuant to Fed. R. Civ. P. 23(f) should demonstrate either (1) that the certification order will effectively terminate the litigation and there has been a substantial showing that the district court’s decision is questionable, or (2) that the certification order implicates a legal question about which there is a compelling need for immediate resolution. We conclude that the petition presented here does not meet either criteria and fails to demonstrate any other reason why an immediate appeal is necessary.

 
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