Page:United States Statutes at Large Volume 109 Part 1.djvu/755

 PUBLIC K\W 104-67—DEC. 22, 1995 109 STAT. 739 "(i) IN GENERAL. — Not later than 90 days after the date on which a notice is pubhshed under subparagraph (A)(i)., the court shall consider any motion made by a purported class member in response to the notice, including any motion by a class member who is not individually named as a plaintiff in the complaint or complaints, and shall appoint as lead plaintiff the member or members of the purported plaintiff class that the court determines to be most capable of adequately representing the interests of class members (hereafter in this paragraph referred to as the 'most adequate plaintiff) in accordance with this subparagraph. "(ii) CONSOLIDATED ACTIONS. — I f more than one action on behalf of a class asserting substantially the same claim or claims arising under this title has been filed, and any party has sought to consolidate those actions for pretrial purposes or for trial, the court shall not make the determination required by clause (i) until after the decision on the motion to consolidate is rendered. As soon as practicable after such decision is rendered, the court shall appoint the most adequate plaintiff as lead plaintiff for the consolidated actions in accordance with this subparagraph, " (iii) REBUTTABLE PRESUMPTION.— "(I) IN GENERAL.— Subject to subclause (II), for purposes of clause (i), the court shall adopt a presumption that the most adequate plaintiff in any private action arising under this title is the person or group of persons that— "(aa) has either filed the complaint or made a motion in response to a notice under subparagraph (A)(i); "(bb) in the determination of the court, has the largest financial interest in the relief sought by the class; and "(cc) otherwise satisfies the requirements of Rule 23 of the Federal Rules of Civil Procedure. "(II) REBUTTAL EVIDENCE. — The presumption described in subclause (I) may be rebutted only upon proof by a member of the purported plaintiff class that the presumptively most adequate plaintiff— "(aa) will not fairly and adequately protect the interests of the class; or "(bb) is subject to unique defenses that render such plaintiff" incapable of adequately representing the class, " (iv) DISCOVERY.— For purposes of this subparagraph, discovery relating to whether a member or members of the purported plaintiff class is the most adequate plaintiff may be conducted by a plaintiff only if the plaintiff first demonstrates a reasonable basis for a finding that the presumptively most adequate plaintiff" is incapable of adequately representing the class.

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