Opinion ID: 2998112
Heading Depth: 5
Heading Rank: 2

Heading: one or more named parties seek to recover dam-

Text: ages on a representative basis on behalf of themselves and other unnamed parties similarly situated, and questions of law or fact common to those persons or members of the prospective class predominate over any questions affecting only individual persons or members; or (ii) any group of lawsuits filed in or pending in the same court and involving common questions of law or fact, in which— (I) damages are sought on behalf of more than 50 persons; and (II) the lawsuits are joined, consolidated, or otherwise proceed as a single action for any purpose. 15 U.S.C. § 78bb(f)(5)(B). 3 SLUSA defines the term “covered security” as a security that satisfies the standards for a covered security (continued...) 8 No. 04-3073 (B) that the defendant used or employed any manipulative or deceptive device or contrivance in connection with the purchase or sale of a covered security.