Which of the Following Statements Is True About the Class

question 31

Multiple Choice

Which of the following statements is true about the Class Action Fairness Act?

• A) It was designed to transfer the jurisdiction in class action tort suits from federal courts to state courts.
• B) It favored the plaintiffs of class action suits as federal courts usually give larger awards than state courts in these suits.
• C) It sharply reduced the number of class action suits filed in and removed to the federal courts.
• D) It gave federal courts jurisdiction over class action cases in which there are at least 100 class action members.

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Definitions:

Capitalized

The process of recording an expenditure as an asset on the balance sheet, rather than as an expense on the income statement, allowing for depreciation over time.

Amortized

The process of gradually reducing a debt through regular payments over a period.

Financial Statements

A set of formal records that quantitatively describe the financial activities and position of a business, person, or other entity.

Affiliated Organizations

Entities that are directly or indirectly controlled by, or under common control with, another entity.