Securities; class auctions

Article Abstract:

The latest class action decisions under the Private Securities Litigation Reform Act of 1995 (PSLRA) either mandate an auction for the position of lead counsel or have selected multiple lead plaintiffs in a way that places the largest shareholder in a minority position. Neither expense reimbursements nor the legal fee awarded should be subjected to any ceiling, as this would inevitably aggravate the conflict of interests between the plaintiffs' attorney and the class. The strategic information and incentives which the auction procedure gives defendants are another problem.

Cases, Securities fraud

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After Kaye Scholer, questions remain

Article Abstract:

The order freezing the assets of the law firm of Kaye, Scholer, Fierman, Hays & Handler by the Office of Thrift Supervision (OTS), as a result of alleged misconduct by senior partner Peter M. Fishbein and certain associates, raises questions of authority and constitutionality. The wording of the Financial Institutions Reform, Recovery and Enforcement Act is ambiguous in this matter, and the OTS's actions may have been excessive. When the Supreme Court reviews this issue their willingness to observe legislative history may determine the result.

Legal services, Analysis, Interpretation and construction, Finance, Powers and duties, Banking law, Ex parte procedure, United States. Office of Thrift Supervision, Kaye, Scholer, Fierman, Hays and Handler

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After the high court decision in 'Amchem Products Inc. v. Windsor,' can a class action ever be certified only for the purpose of settlement?

Article Abstract:

The US Supreme Court's 1997 Amchem decision may have permanently changed the rules for settling class action lawsuits and certifying classes. The decision mandates that future claimants be independently represented and prohibits a single counsel from making unilateral allocational decisions as tradeoffs in reaching a settlement. Strategies for dealing with the implications of Amchem, and the effect of the decision on subclasses and prior class actions, are also discussed.

Compromise and settlement, Settlements (Law)

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