183689P.pdf   04/23/2021  Roderick Ford  v.  TD Ameritrade Holding Corp.
   U.S. Court of Appeals Case No:  18-3689
   U.S. District Court for the District of Nebraska - Omaha   
   [PUBLISHED] [Colloton, Author, with Gruender and Grasz, Circuit Judges] 
   Civil case - Class Actions. The district court erred in certifying a class 
   of all Ameritrade customers between September 15, 2011 and September 15, 
   2014 who placed orders did not receive best execution, in connection with 
   which Ameritrade received either liquidity rebates or payment for order 
   flow, and who were thereby damaged; despite advances in technology, such 
   as the use of an algorithm developed by plaintiffs' experts to establish 
   execution quality, individual evidence and inquiry is still required to 
   determine economic loss for each class member; as a result, the prevalence 
   of these individualized inquiries precludes class certification under Rule 
   23(b)(3); further, because economic loss cannot be presumed for a trade, 
   ascertaining which class members have sustained injury means individual 
   issues predominate over common ones; finally, the class certified by the 
   district court is an impermissible "fail-safe class" because it allows 
   putative class members to seek a remedy but not be bound by an adverse 
   judgment.