Regents of the University of California v. Credit Suisse First Boston (USA), Inc.

JERRY E. SMITH, Circuit Judge:

Having been granted leave to pursue an interlocutory appeal, see Fed.R.CivP. 23(f), defendants challenge an order certifying a single class of plaintiffs. Relying largely on Central Bank, N.A. v. First Interstate *377Bank, N.A., 511 U.S. 164, 114 S.Ct. 1439, 128 L.Ed.2d 119 (1994), and its progeny, we reverse and remand.

I

The facts are difficult to detail but easy to summarize. Plaintiffs allege that defendants Credit Suisse First Boston (“Credit Suisse”), Merrill Lynch & Company, Inc. (“Merrill Lynch”), and Barclays Bank PLC (“Barclays Bank”) (collectively “the…