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28 U.S.C. § 1453 — Removal of class actions
Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** In this section, the terms “class”, “class action”, “class certification order”, and “class member” shall have the meanings given such terms under section 1332(d)(1).
**(b) In General.—** A class action may be removed to a district court of the United States in accordance with section 1446 (except that the 1-year limitation under section 1446(c)(1) shall not apply), without regard to whether any defendant is a citizen of the State in which the action is brought, except that such action may be removed by any defendant without the consent of all defendants.
**(c) Review of Remand Orders.—**
(1) **In general.—** — Section 1447 shall apply to any removal of a case under this section, except that notwithstanding section 1447(d), a court of appeals may accept an appeal from an order of a district court granting or denying a motion to remand a class action to the State court from which it was removed if application is made to the court of appeals not more than 10 days after entry of the order.
(2) **Time period for judgment.—** — If the court of appeals accepts an appeal under paragraph (1), the court shall complete all action on such appeal, including rendering judgment, not later than 60 days after the date on which such appeal was filed, unless an extension is granted under paragraph (3).
(3) **Extension of time period.—** — The court of appeals may grant an extension of the 60-day period described in paragraph (2) if—
(A) all parties to the proceeding agree to such extension, for any period of time; or
(B) such extension is for good cause shown and in the interests of justice, for a period not to exceed 10 days.
(4) **Denial of appeal.—** — If a final judgment on the appeal under paragraph (1) is not issued before the end of the period des
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Source location: Title 28, Chapter 89, § 1453; chapter-089-district-courts-removal-of-cases-from-state-courts.md
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**(a) Definitions.—** In this section, the terms “class”, “class action”, “class certification order”, and “class member” shall have the meanings given such terms under section 1332(d)(1).
**(b) In General.—** A class action may be removed to a district court of the United States in accordance with section 1446 (except that the 1-year limitation under section 1446(c)(1) shall not apply), without regard to whether any defendant is a citizen of the State in which the action is brought, except that such action may be removed by any defendant without the consent of all defendants.
**(c) Review of Remand Orders.—**
(1) **In general.—** — Section 1447 shall apply to any removal of a case under this section, except that notwithstanding section 1447(d), a court of appeals may accept an appeal from an order of a district court granting or denying a motion to remand a class action to the State court from which it was removed if application is made to the court of appeals not more than 10 days after entry of the order.
(2) **Time period for judgment.—** — If the court of appeals accepts an appeal under paragraph (1), the court shall complete all action on such appeal, including rendering judgment, not later than 60 days after the date on which such appeal was filed, unless an extension is granted under paragraph (3).
(3) **Extension of time period.—** — The court of appeals may grant an extension of the 60-day period described in paragraph (2) if—
(A) all parties to the proceeding agree to such extension, for any period of time; or
(B) such extension is for good cause shown and in the interests of justice, for a period not to exceed 10 days.
(4) **Denial of appeal.—** — If a final judgment on the appeal under paragraph (1) is not issued before the end of the period described in paragraph (2), including any extension under paragraph (3), the appeal shall be denied.
**(d) Exception.—** This section shall not apply to any class action that solely involves—
(1) a claim concerning a covered security as defined under section 16(f)(3) of the Securities Act of 1933 ([15 U.S.C. 78p(f)(3)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78p/f/3&num=0&edition=prelim) 11 So in original. Probably should be “77p(f)(3)”.) and section 28(f)(5)(E) of the Securities Exchange Act of 1934 ([15 U.S.C. 78bb(f)(5)(E)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78bb/f/5/E&num=0&edition=prelim));
(2) a claim that relates to the internal affairs or governance of a corporation or other form of business enterprise and arises under or by virtue of the laws of the State in which such corporation or business enterprise is incorporated or organized; or
(3) a claim that relates to the rights, duties (including fiduciary duties), and obligations relating to or created by or pursuant to any security (as defined under section 2(a)(1) of the Securities Act of 1933 ([15 U.S.C. 77b(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77b/a/1&num=0&edition=prelim)) and the regulations issued thereunder).
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The district courts shall have original jurisdiction of all civil actions where the matter in controversy exceeds the sum or value of $75,000, exclusive of interest and costs, and is between—
(1) citizens of different States;
(2) citizens of a State and citizens or subjects of a foreign state, except that the district courts shall not have original jurisdiction under this subsection of an action between citizens of a State and citizens or subjects of a foreign state who are lawfully admitted for permanent residence in the United States and are domiciled in the same State;
(3) citizens of different States and in which citizens or subjects of a foreign state are additional parties; and
(4) a foreign state, defined in [section 1603(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section1603/a&num=0&edition=prelim), as plaintiff and citizens of a State or of different States.
**(b)** Except when express provision therefor is otherwise made in a statute of the United States, where the plaintiff who files the case originally in the Federal courts is finally adjudged to be entitled to recover less than the sum or value of $75,000, computed without regard to any setoff or counterclaim to which the defendant may be adjudged to be entitled, and exclusive of interest and costs, the district court may deny costs to the plaintiff and, in addition, may impose costs on the plaintiff.
**(c)** For the purposes of this section and [section 1441 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section1441&num=0&edition=prelim)—
(1) a corporation shall be deemed to be a citizen of every State and foreign state by which it has been incorporated and of the State or foreign state where it has its principa
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Notwithstanding any other provision of this section, only a person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title.
**(b)** A person may be a debtor under chapter 7 of this title only if such person is not—
(1) a railroad;
(2) a domestic insurance company, bank, savings bank, cooperative bank, savings and loan association, building and loan association, homestead association, a New Markets Venture Capital company as defined in section 351 of the Small Business Investment Act of 1958, a small business investment company licensed by the Small Business Administration under section 301 of the Small Business Investment Act of 1958, credit union, or industrial bank or similar institution which is an insured bank as defined in section 3(h) of the Federal Deposit Insurance Act, except that an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 11 See References in Text note below. of the Federal Deposit Insurance Corporation Improvement Act of 1991 may be a debtor if a petition is filed at the direction of the Board of Governors of the Federal Reserve System; or
(3)
(A) a foreign insurance company, engaged in such business in the United States; or
(B) a foreign bank, savings bank, cooperative bank, savings and loan association, building and loan association, or credit union, that has a branch or agency (as defined in section 1(b) of the International Banking Act of 1978) in the United States.
**(c)** An entity may be a debtor under chapter 9 of this title if and only if such entity—
(1) is a municipality;
(2) is specifically au
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Federal law — U.S. Code and appendices · legal_authorities
The Supreme Court of the United States shall consist of a Chief Justice of the United States and eight associate justices, any six of whom shall constitute a quorum.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** When used in this subchapter, unless the context otherwise requires—
(1) The term “security” means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.
(2) The term “person” means an individual, a corporation, a partnership, an association, a joint-stock company, a trust, any unincorporated organization, or a government or political subdivision thereof. As used in this paragraph the term “trust” shall include only a trust where the interest or interests of the beneficiary or beneficiaries are evidenced by a security.
(3) The term “sale” or “sell” shall include every contract of sale or disposition of a security or interest in a security, for value. The term “offer to sell”, “offer for sale”, or “offer” shall include every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interes
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77b
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Federal law — U.S. Code and appendices · legal_authorities
Page 119
TITLE 15—COMMERCE AND TRADE
§ 77b
7025, set out as a note under section 301 of Title 3, The
President.
CHAPTER 2A—SECURITIES AND TRUST
INDENTURES
SUBCHAPTER I—DOMESTIC SECURITIES
Sec.
77a.
Short title.
77b.
Definitions; promotion of efficiency, competi-
tion, and capital formation.
77b–1.
Swap agreements.
77c.
Classes of securities under this subchapter.
77d.
Exempted transactions.
77d–1.
Requirements with respect to certain small
transactions.
77e.
Prohibitions relating to interstate commerce
and the mails.
77f.
Registration of securities.
77g.
Information required in registration state-
ment.
77h.
Taking effect of registration statements and
amendments thereto.
77h–1.
Cease-and-desist proceedings.
77i.
Court review of orders.
77j.
Information required in prospectus.
77k.
Civil liabilities on account of false registra-
tion statement.
77l.
Civil liabilities arising in connection with
prospectuses and communications.
77m.
Limitation of actions.
77n.
Contrary stipulations void.
77o.
Liability of controlling persons.
77p.
Additional remedies; limitation on remedies.
77q.
Fraudulent interstate transactions.
77r.
Exemption from State regulation of securi-
ties offerings.
77r–1.
Preemption of State law.
77s.
Special powers of Commission.
77t.
Injunctions and prosecution of offenses.
77u.
Hearings by Commission.
77v.
Jurisdiction of offenses and suits.
77w.
Unlawful representations.
77x.
Penalties.
77y.
Jurisdiction of other Government agencies
over securities.
77z.
Separability.
77z–1.
Private securities litigation.
77z–2.
Application of safe harbor for forward-look-
ing statements.
77z–2a.
Conflicts of interest relating to certain
securitizations.
77z–3.
General exemptive authority.
77z
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 77b
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Limitation on judgments**
(1) **In general** — No person permitted to maintain a suit for damages under the provisions of this chapter shall recover, through satisfaction of judgment in 1 or more actions, a total amount in excess of the actual damages to that person on account of the act complained of. Except as otherwise specifically provided in this chapter, nothing in this chapter shall affect the jurisdiction of the securities commission (or any agency or officer performing like functions) of any State over any security or any person insofar as it does not conflict with the provisions of this chapter or the rules and regulations under this chapter.
(2) **Rule of construction** — Except as provided in subsection (f), the rights and remedies provided by this chapter shall be in addition to any and all other rights and remedies that may exist at law or in equity.
(3) **State bucket shop laws** — No State law which prohibits or regulates the making or promoting of wagering or gaming contracts, or the operation of “bucket shops” or other similar or related activities, shall invalidate—
(A) any put, call, straddle, option, privilege, or other security subject to this chapter (except any security that has a pari-mutuel payout or otherwise is determined by the Commission, acting by rule, regulation, or order, to be appropriately subject to such laws), or apply to any activity which is incidental or related to the offer, purchase, sale, exercise, settlement, or closeout of any such security;
(B) any security-based swap between eligible contract participants; or
(C) any security-based swap effected on a national securities exchange registered pursuant to [section 78f(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-secti
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78bb
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Federal law — U.S. Code and appendices · legal_authorities
Page 450
TITLE 15—COMMERCE AND TRADE
§ 78aa–1
stituted ‘‘United States District Court for the District
of Columbia’’ for ‘‘district court of the United States
for the District of Columbia’’. Pub. L. 100–181 struck
out reference to the United States District Court for
the District of Columbia. Previously, such words had
been editorially eliminated as superfluous in view of
section 132(a) of Title 28, Judiciary and Judicial Proce-
dure, which provides that ‘‘There shall be in each judi-
cial district a district court which shall be a court of
record known as the United States District Court for
the district’’, and section 88 of Title 28 which provides
that ‘‘the District of Columbia constitutes one judicial
district’’.
AMENDMENTS
2010—Pub. L. 111–203, § 929P(b)(2), designated existing
provisions as subsec. (a), inserted heading, and added
subsec. (b).
Pub. L. 111–203, § 929E(b), inserted ‘‘In any action or
proceeding instituted by the Commission under this
chapter in a United States district court for any judi-
cial district, a subpoena issued to compel the attend-
ance of a witness or the production of documents or
tangible things (or both) at a hearing or trial may be
served at any place within the United States. Rule
45(c)(3)(A)(ii) of the Federal Rules of Civil Procedure
shall not apply to a subpoena issued under the pre-
ceding sentence.’’ after ‘‘defendant may be found.’’
1987—Pub. L. 100–181 struck out ‘‘, the United States
District Court for the District of Columbia,’’ after ‘‘dis-
trict courts of the United States’’ and substituted ‘‘sec-
tions 1254, 1291, 1292, and 1294 of title 28’’ for ‘‘sections
128 and 240 of the Judicial Code, as amended (U.S.C.,
title 28, secs. 225 and 347)’’. See Codification note above.
Statutory Notes and Related
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78bb
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Disclosures required**
(1) **Directors, officers, and principal stockholders required to file** — Every person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security (other than an exempted security) which is registered pursuant to section 78l of this title, or who is a director or an officer of the issuer of such security (including, solely for the purposes of this subsection, every person who is a director or an officer of a foreign private issuer, as that term is defined in section 240.3b–4 of title 17, Code of Federal Regulations, or any successor regulation), shall file the statements required by this subsection with the Commission.
(2) **Time of filing** — The statements required by this subsection shall be filed—
(A) at the time of the registration of such security on a national securities exchange or by the effective date of a registration statement filed pursuant to section 78l(g) of this title;
(B) within 10 days after he or she becomes such beneficial owner, director, or officer, or within such shorter time as the Commission may establish by rule;
(C) if there has been a change in such ownership, or if such person shall have purchased or sold a security-based swap agreement involving such equity security, before the end of the second business day following the day on which the subject transaction has been executed, or at such other time as the Commission shall establish, by rule, in any case in which the Commission determines that such 2-day period is not feasible; or
(D) with respect to a foreign private issuer, the securities of which are, as of December 18, 2025, registered pursuant to subsection (b) or (g) of section 78l of this title, on the date that is 90 days after December 18
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 78p
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Federal law — U.S. Code and appendices · legal_authorities
Page 389
TITLE 15—COMMERCE AND TRADE
§ 78p
2 See References in Text note below.
eral Housing Finance Agency shall jointly
define the term ‘‘qualified residential mort-
gage’’ for purposes of this subsection, taking
into consideration underwriting and product
features that historical loan performance
data indicate result in a lower risk of de-
fault, such as—
(i) documentation and verification of the
financial resources relied upon to qualify
the mortgagor;
(ii) standards with respect to—
(I) the residual income of the mort-
gagor after all monthly obligations;
(II) the ratio of the housing payments
of the mortgagor to the monthly income
of the mortgagor;
(III) the ratio of total monthly install-
ment payments of the mortgagor to the
income of the mortgagor;
(iii) mitigating the potential for pay-
ment shock on adjustable rate mortgages
through product features and underwriting
standards;
(iv) mortgage guarantee insurance or
other types of insurance or credit enhance-
ment obtained at the time of origination,
to the extent such insurance or credit en-
hancement reduces the risk of default; and
(v) prohibiting or restricting the use of
balloon payments, negative amortization,
prepayment penalties, interest-only pay-
ments, and other features that have been
demonstrated to exhibit a higher risk of
borrower default.
(C) Limitation on definition
The Federal banking agencies, the Com-
mission, the Secretary of Housing and Urban
Development, and the Director of the Fed-
eral Housing Finance Agency in defining the
term ‘‘qualified residential mortgage’’, as re-
quired by subparagraph (B), shall define that
term to be no broader than the definition
‘‘qualified mortgage’’ as the term is defined
under section 129C(c)(2) of the Truth in
Lending Act,
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 78p
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Federal law — U.S. Code and appendices · legal_authorities
Page 404
TITLE 28—JUDICIARY AND JUDICIAL PROCEDURE
§ 1450
HISTORICAL AND REVISION NOTES
1948 ACT
Based on title 28, U.S.C., 1940 ed., § 78 (Mar. 3, 1911, ch.
231, § 35, 36 Stat. 1098).
Changes were made in phraseology.
1949 ACT
This section corrects a typographical error by elimi-
nating from section 1449 of title 28, U.S.C., the words
‘‘any attachment or sequestration of the’’, which had
been inadvertently included, and inserting in lieu
thereof the words, ‘‘and the clerk of such State court,
upon’’.
Editorial Notes
AMENDMENTS
1949—Act May 24, 1949, substituted ‘‘and the clerk of
such State court, upon’’ for ‘‘any attachment or se-
questration of the’’.
§ 1450. Attachment or sequestration; securities
Whenever any action is removed from a State
court to a district court of the United States,
any attachment or sequestration of the goods or
estate of the defendant in such action in the
State court shall hold the goods or estate to an-
swer the final judgment or decree in the same
manner as they would have been held to answer
final judgment or decree had it been rendered by
the State court.
All bonds, undertakings, or security given by
either party in such action prior to its removal
shall
remain
valid
and
effectual
notwith-
standing such removal.
All injunctions, orders, and other proceedings
had in such action prior to its removal shall re-
main in full force and effect until dissolved or
modified by the district court.
(June 25, 1948, ch. 646, 62 Stat. 940.)
HISTORICAL AND REVISION NOTES
Based on title 28, U.S.C., 1940 ed., § 79 (Mar. 3, 1911, ch.
231, § 36, 36 Stat. 1098).
Changes were made in phraseology.
§ 1451. Definitions
For purposes of this chapter—
(1) The term ‘‘State court’’ includes the Supe-
rior Court of the District
Source: Supplied 2024 U.S. Code historical extraction · 28 U.S.C. § 1453
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