A bondholder brought suit in state court alleging that defendants breached fiduciary duties and acted with gross negligence in administering certain bonds.  The defendant removed the case to federal court.  Although the causes of action arose under various state laws, the district court in California found that all of the defendant’s duties stemmed from the relationship between the defendant and the class with respect to the bond issue, and remanded the case to state court.  On appeal, the Ninth Circuit interpreted the securities exception of the Class Action Fairness Act (28 U.S.C. §§ 1332, 1453, and 1711-1715) (“CAFA”), which provides CAFA removal does not apply to any class action that solely involves a claim concerning “the rights, duties (including fiduciary duties), and obligations relating to or created by or pursuant to any security.”  Eminence Investors, L.L.L.P. v. Bank of New York Mellon, 782 F.3d 504(9th Cir. 2015) (No. 15-15237).  The Ninth Circuit concluded plaintiff asserted rights as a holder of the bonds.  As a result, the underlying causes of action are covered by the CAFA security exception under any plausible reading of that exception’s text, and the district court’s remand was proper.