No. 24-1443 IN THE UNITED STATES COURT OF APPEALS

In December 2021, a group of participants in the exchange sued Indemnity in Pennsylvania state court on behalf of the exchange, alleging that Indemnity violated its fiduciary duties in December 2019 and December 2020 during its annual process of setting the management fee that it would charge the exchange for the upcoming calendar year. [...] That said, Defendants-Appellants agree that the district court has “jurisdiction to decide” the preliminary matter of “whether, in the circumstances of the case, the All Writs Act authorize[s] or require[s] it to issue [a] requested injunction and whether the Anti-Injunction Act preclude[s] such an injunction.” Davis Int’l, LLC v. [...] The Subscribers moved to remand the case to state court, and the district court granted the motion, agreeing that the case was not a class action within the meaning of 10 CAFA. [...] § 2283, Indemnity’s federal complaint asks the district court to enjoin the Subscribers from pursuing the State Court Action, enjoin the Court of Common Pleas of Allegheny County from holding any proceedings in the action, and enjoin 11 all current and future Exchange subscribers from bringing the sort of fiduciary breach claim that is asserted in the action. [...] Indemnity’s Preliminary Injunction Motion and the District Court’s Opinion Shortly after Indemnity filed this lawsuit, the district court stayed the case to await resolution of the Subscribers’ then-pending motion to remand the State Court Action.