On May 5, 2011, Judge Pfaelzer of the U.S. District Court of Central District of California held that putative class representatives in an action asserting claims under the federal Securities Act of 1933 in connection with 14 offerings of RMBS only had standing to pursue claims for purchases of certificates in those tranches for which they had purchased certificates.  In so doing, the Court rejected plaintiffs' argument that they could bring class claims on behalf of all purchasers of certificates in a particular offering, including investors who purchased certificates in different tranches from those purchased by the class representatives.  Judge Pfaelzer also held that issuer Defendants who entered into a firm commitment underwriting arrangement and "did not pass title directly to the Plaintiffs" did not qualify as statutory sellers for purposes of Section 12(a)(2) of the Securities Act, and thus could not be held liable under that provision.  Order.