Class Action Fairness Act of 2001 - Establishes a consumer class action bill of rights, including provision for: (1) judicial review and approval of noncash settlements; (2) protection against loss by class members because of payments to class counsel; (3) a prohibition against court approval of a proposed settlement providing for greater payments to class members because they are located in closer geographic proximity to the court; (4) a prohibition against court approval of a proposed settlement providing for payment of a greater share of the award to a class representative serving on behalf of a class; (5) standardized settlement notification information; and (6) specific requirements regarding proposed settlement notifications to Federal and State officials.

Grants the district courts original jurisdiction of any civil action in which the matter in controversy exceeds $2 million, exclusive of interest and costs, and is a class action in which any member of a class of plaintiffs is: (1) a citizen of a State different from any defendant; (2) a foreign state or a citizen or subject of a foreign state and any defendant is a citizen of a State; or (3) a citizen of a State and any defendant is a foreign state or a citizen or subject of a foreign state. Lists exceptions, such as where a class action brought by shareholders solely involves a claim concerning a covered security or relating to the internal governance of a corporation.

Sets forth procedures for removal of interstate class actions to U.S. district court and for review of orders remanding class actions to State courts.

Directs the Judicial Conference of the United States to report to the Senate and House Judiciary Committees on class action settlements.