Prohibits a Federal district court from approving: (1) a proposed coupon settlement absent a finding that the settlement is fair, reasonable, and adequate; (2) a proposed settlement involving payments to class counsel that would result in a net monetary loss to class members, absent a finding that the loss is substantially outweighed by nonmonetary benefits; (3) a proposed settlement that provides greater sums to some class members solely because they are closer geographically to the court; or (4) a proposed settlement that provides for the payment of a greater share of the award to a class representative versus other class members.

Grants district courts original jurisdiction of any civil action in which the matter in controversy exceeds $5 million, exclusive of interest and costs, and that is between citizens of different States or between citizens of a State and a foreign State or its citizens or subjects.

Lists those factors pursuant to which a district court may decline to exercise jurisdiction over a class action.

Sets forth provisions governing the removal of interstate class actions to Federal district court and the review on appeal of remand orders.

Grants the Federal courts of appeals jurisdiction to hear appeals of class action certification orders if notice of appeal is filed within 10 days of entry of such an order. Requires discovery and other proceedings to be stayed during the pendency of an appeal unless the court finds that specific discovery is necessary to preserve evidence or to prevent undue prejudice.