seeking alpha article Collectors Universe - A Scandal Waiting To Be Exposed

[Kenny Cole]

Originally Posted by Peter_Spaeth

I've been involved in some that are worse than the case parodied in Bleak House. I'd be interested to hear about a class action against PSA (other than for securities fraud by shareholders) that didn't have predominance issues. My gut reaction, admittedly biased from being on the defense side of these, is that when people talk about class actions and bandy about the prospect of class actions they don't usually understand the requirements.

If you are talking about a Fed. R. Civ. P. 23(b)(3) class, not in the context of a securities fraud claim, I think you might have commonality issues too, particularly in the 9th Circuit. If you could avoid that bullshit CAFA and keep it in state court, maybe. Only Oregon residents suing PWCC? I would think that PWCC has its principal place of business there so you might be able to avoid diversity. But what about the rest? IMO, fraud claims are just hard to get certified, having tried and failed a couple of times. Maybe breach of contract? Or, as Adam suggested, mass tort filings? I don't know. I'll stick to insurance bad faith and let you class action lawyers figure it out.

[Peter_Spaeth]

Originally Posted by Kenny Cole

If you are talking about a Fed. R. Civ. P. 23(b)(3) class, not in the context of a securities fraud claim, I think you might have commonality issues too, particularly in the 9th Circuit. If you could avoid that bullshit CAFA and keep it in state court, maybe. Only Oregon residents suing PWCC? I would think that PWCC has its principal place of business there so you might be able to avoid diversity. But what about the rest? IMO, fraud claims are just hard to get certified, having tried and failed a couple of times. Maybe breach of contract? Or, as Adam suggested, mass tort filings? I don't know. I'll stick to insurance bad faith and let you class action lawyers figure it out.

Kenny yeah you might even get hung on 23(a) typicality. IMO, tough sledding to certify a class for the type of claims I am thinking about, other than 10b5 which, if the facts were there, would be easy. I think if you could get a bunch of plaintiffs together Adam's idea is a good one.

[Peter_Spaeth]

Originally Posted by Kenny Cole

If you are talking about a Fed. R. Civ. P. 23(b)(3) class, not in the context of a securities fraud claim, I think you might have commonality issues too, particularly in the 9th Circuit. If you could avoid that bullshit CAFA and keep it in state court, maybe. Only Oregon residents suing PWCC? I would think that PWCC has its principal place of business there so you might be able to avoid diversity. But what about the rest? IMO, fraud claims are just hard to get certified, having tried and failed a couple of times. Maybe breach of contract? Or, as Adam suggested, mass tort filings? I don't know. I'll stick to insurance bad faith and let you class action lawyers figure it out.

I was thinking claims against PSA so California would be the state court venue.

[Kenny Cole]

Originally Posted by Peter_Spaeth

I was thinking claims against PSA so California would be the state court venue.

Still the 9th Circuit. Same problems although the proposed class would probably be much larger. Just not seeing it on a consumer fraud claim.

[Peter_Spaeth]

Originally Posted by Kenny Cole

Still the 9th Circuit. Same problems although the proposed class would probably be much larger. Just not seeing it on a consumer fraud claim.

Agreed.

[dwinters]

Seems as though the smart money has figured out what is going on at psa. Makes me wonder how many people will stop submissions to psa and how many will stop bidding on high end cards in auctions. Finally, Psa has to be super paranoid about fueling the fire by giving high grades to trimmed and doctored cards.

Anyone here glad that they lost to another bidder in a recent auction? Anyone planning to stop buying until more clarity achieved?

[conor912]

Originally Posted by dwinters

Anyone planning to stop buying until more clarity achieved?

Yes. In the meantime I'll be working on my 1975 Topps set. I love those stupid borders.

[tschock]

Originally Posted by conor912

Yes. In the meantime I'll be working on my 1975 Topps set. I love those stupid borders.

And.... any trimmed cards could be just part of the 1975 minis set!
I do have some nice (untrimmed) raw ones though, if you are interested though (or have a want list).