The third requirement, that the claims or defenses of the representative parties be typical of the claims or defenses of the class, has been interpreted to require that the representatives not have interests antagonistic to or in conflict with those they represent.

A motion to have all actions in which plaintiffs allege sales of TGS stock between April 12 and April 16, 1964, inclusive in reliance on the April 12 press release designated as a class action has been conditionally granted.

TJhose cases which approve the Dolgow procedure [of allowing a preliminary merits hearing] often do so in an entirely different context, ie a hearing before assessing cost of notice.

—followed this preference without apparent consideration of whether the litigation in that case would terminate upon a conditional disallowance of class treatment.

—for example, the plaintiff sought to represent all common stock shareholders who had sold their stock to defendant in reliance on a press release allegedly prepared with reckless disregard for the consequences.

—for through complex schemes and the perpetrators of such schemes would be assured of virtual immunity from many of the penalities provided by the securities laws-a patently absurd result.

Concurring opinion ot Judge Jt^ nenaiy yomea oy juages/'nuerson aim Kaufman) and dissenting opinions of Judges Moore and Lumbard.

In situations involving public offers of securities or publication of allegedly misleading statements that affected the price at which a security was traded in the open market, there is normally no difficulty in establishing that joinder of all parties would be impracticable.

[PDF] Brief for Appellees, Juidice v. Vail

[CITATION] PREREQUISITES TO CLASS ACTION CERTIFICATION