Class Action Fairness Act of 1999 - Amends the Federal judicial code to require that, no later than ten days after a proposed settlement in a class action is filed in court, the attorneys representing the class in a class action serve the attorney general of each State (State AGs) in which a class member resides and the Department of Justice (DOJ) with specified information, including notice of a proposed settlement.

Prohibits the holding of a hearing to consider final approval of a proposed settlement earlier than 120 days after the date on which the State AGs and the Attorney General of the United States are served notice.

Requires any court with jurisdiction over a plaintiff class action to require that: (1) any written notice provided to the class through the mail or publication in printed media contain a short summary written in plain, easily understood language describing the subject matter of the class action, the legal consequences of joining such action, the ability of a class member to seek removal of the action to Federal court if the action is filed in a State court and Federal jurisdiction would apply, and, if the notice is informing class members of a proposed settlement agreement, specified information; and (2) any notice provided through television or radio to inform class members of their rights to be excluded from a class action or a proposed settlement, if such right exists, describe, in plain, easily understood language, the persons who may potentially become class members and explain that the failure of persons falling within the definition of the class to exercise their right to be excluded from a class action will result in such persons' inclusion in such action.

Authorizes a class member to refuse to comply with, and choose not to be bound by, a settlement agreement or consent decree in a class action if the class member resides in a State where the State AG has not been provided notice and materials under this Act.

Limits attorney's fees and expenses awarded to counsel for plaintiffs in class actions to a reasonable percentage of: (1) any damages and prejudgment interest actually paid to the class; (2) any future financial benefits to the class based on the cessation of alleged improper conducts by the defendants; and (3) costs actually incurred by all defendants in complying with injunctive orders or settlement agreements. Authorizes the court, to the extent that the law permits, to award attorney's fees and expenses to counsel for the plaintiff class based on a reasonable lodestar calculation.

(Sec. 3) Grants district courts original jurisdiction in class actions involving diversity jurisdiction where the matter in controversy exceeds $75,000 (based on aggregated individual claims of class members), exclusive of interest and costs. Directs the district court to abstain from hearing such a civil action if: (1) the substantial majority of the members of the proposed plaintiff class are citizens of a single State of which the primary defendants are also citizens and the claims asserted will be governed primarily by the laws of that State; or (2) the primary defendants are States, State officials, or other governmental entities against whom the district court may be foreclosed from ordering relief.

Directs the district court to dismiss or, if after removal, strike the class allegations and remand any civil action if the action is subject to the jurisdiction of the court solely under this section and the court determines the action may not proceed as a class action based on a failure to satisfy the conditions of rule 23 of the Federal Rules of Civil Procedure. Specifies that nothing herein prohibits plaintiffs from filing an amended class action in Federal or State court.

Provides that, upon dismissal or remand, the period of limitations for any claim that was asserted in an action on behalf of any named or unnamed member of a proposed class shall be deemed tolled to the full extent provided under Federal law.

Makes this section inapplicable to class actions involving a claim relating to: (1) the internal affairs or governance of a corporation under State law; and (2) the rights, duties, and obligations relating to any security.

(Sec. 4) Authorizes removal of class actions to a district court by any: (1) defendant without the consent of all defendants; or (2) plaintiff class member who is not a named or representative member without the consent of all members.

Makes this section inapplicable to class actions involving a claim relating to: (1) the internal affairs or governance of a corporation under State law; and (2) the rights, duties, and obligations relating to any security.

(Sec. 5) Amends the Federal Rules of Civil Procedure to require (currently, authorizes) the imposition of sanctions for the filing of frivolous lawsuits and the making of other specified misrepresentations to the court.