Cy Pres You’ll Read This
Today, Washington Legal Foundation published a short and useful working paper authored by James M. Beck and Rachel B. Weil titled "Cy Pres" Awards: Is the End Near for a Legal Remedy With No Basis in Law?
Oral Argument in Pearson v. NBTY, Inc.
See the opening brief for what "is perhaps the best 13,000-word summary of CCAF philosophy."
Federal Appeals Court Declares Radioshack Corporation (RSH) Class-Action Settlement Void
Ted Frank, a lawyer who also represented a couple in the case, was happy with the court’s decision. He went further to say that the beneficiaries should be the class members, and any settlement should be based on actual recovery and not inflated figures that won’t benefit the class.
Victory! Redman v. Radioshack
CCAF won a tremendous victory for class members in Redman v. Radioshack, just eleven days after oral argument!
Appeals Court Rejects $1 Million Fee In Radio Shack Coupon Settlement
The judge allowed the plaintiff lawyers to submit their fee request after the objection period ended, hamstringing objectors including Ted Frank's Center for Class Action Fairness, which nevertheless scored a big win here.
U.S. court voids RadioShack class-action settlement over card receipts
Ted Frank, a critic of what he considers excessive legal fees and who represented a couple opposing the RadioShack settlement, in a phone interview welcomed the decision.
McClellan: Divvying Up $2.7 Million in Leftovers
"The big question was this: Why should money belonging to the class members be given to a charity — no matter how much the judge and the class-action lawyers like the charity? The judge in this instance is U.S. District Judge Carol Jackson. The lawyers are from the firm of Green Jacobson."
Redman v. RadioShack, Inc. / oral argument today
As we discussed earlier, class counsel agreed to a settlement over RadioShack credit-card receipt legality that would have paid themselves $1 million, but the 16-million-member class 83 thousand coupons with a face value of $10.
Oetting v. Green Jacobson / Oral argument September 10 in 8th Circuit on cy pres
Bank of America settled a nationwide securities class action in the E.D. Mo. for hundreds of millions of dollars. For some reason, the district court judge ordered that $2 million or so of the settlement fund not be distributed immediately. By a few years later in 2013 (after interest and restitution from a settlement administrator employee that had embezzled from the settlement fund), there's $2.7 million left over. At the behest…
Pennies for Plaintiffs, Millions for Lawyers
The judge presiding over a Hewlett-Packard shareholder suit has balked at the $48 million in fees negotiated by attorneys in a settlement. The amount of money that shareholders were going to get was not negligible, unlike some of the consumer suits where the victims get a coupon good for more product from the company they've accused of doing them wrong. But the judge seems to think that it's disproportionally small compared with what the lawyers were getting.
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