Citation: 775 F.3d 1060 (8th Cir. 2015)
After money from the settlement of a securities class action was distributed to the nationwide shareholder class, $2.7 million was left over. Instead of redistributing that remaining money to the shareholder class, class counsel proposed a cy pres distribution to a legal aid organization in St. Louis.
CCAF represented an objecting class representative on appeal. The Eighth Circuit adopted all of CCAF’s arguments.
The court held that charitable donation of class monies was inappropriate and that cy pres payments should only be used if further distribution to the class is not feasible. In addition, the court criticized the choice of the cy pres recipient because the St. Louis legal aid society was unrelated to the securities injuries alleged in the lawsuit.
Case Documents
| Description | |
| Jan 08, 2015 | COURT RULING – Opinion of the U.S. Court of Appeals for the Eighth Circuit |
| Oct 28, 2013 | REPLY Brief of Plaintiff-Appellant David P. Oetting |
| Oct 08, 2013 | BRIEF of Appellee Green Jacobson, P.C. |
| Sep 04, 2013 | BRIEF of Plaintiff-Appellant David P. Oetting |