Class Action Lawsuits: Examining Victim Compensation and Attorneys' Fees : Hearing Before the Subcommittee on Administrative Oversight and the Courts of the Committee on the Judiciary, United States Senate, One Hundred Fifth Congress, First Session ... October 30, 1997, Volume 4 |
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abuses Alabama antitrust approval attorneys BancBoston behalf Blank Broin certified Chairman Chrysler Circuit class ac class action lawsuits class action lawyers class action litigation class action rule class action settlements class action suit Class Counsel class members clients collusion CONG CONGRESS THE LIBRARY Consolidated Freightways corporate coupon settlement damages federal court fee award filed Ford Bronco II going GOLDFARB GRES GRESS hearing individual interest Judge NIEMEYER judgment judicial jurisdiction latch legislation liability LIBR LIBRA LIBRARY OF CONGRE LIBRARY OF CONGRESS LIBRARYO mass tort ment million nationwide class action notice opt-in opt-out parties plaintiff's attorney plaintiffs Preston problem procedural Professor Coffee proposed Public Citizen question RARY received res judicata Retained Claims Rule 23 Senator DURBIN Senator GRASSLEY Senator KOHL Senator SESSIONS Settlement Agreement settlement class Settling Defendants agree talk testimony Texas Thank tion trial Truck U.S. SENATOR
Popular passages
Page 49 - The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs and personal representatives, as well as to the successors and assigns of the Broker.
Page 51 - all writs necessary or appropriate in aid of their respective jurisdictions and agreeable to the usages and principles of law.
Page 43 - Total attorneys' fees and expenses awarded by the court to counsel for the plaintiff class shall not exceed a reasonable percentage of the amount of any damages and prejudgment interest actually paid to the class.
Page 24 - I want to thank you for taking time out of your busy schedule to meet with us.
Page 50 - Advisory Committee Working Papers, Vol. 3, at 39 (testimony of Lewis Goldfarb, Chrysler Corporation) (noting the "huge shift" of class actions into state courts "where the judges . . . almost see it as their civic duty to certify classes"). 20...
Page 35 - This is a world to which the litigation explosion had not yet come. The problems which became overwhelming in the 80's were not anticipated in the 60's. The Restatement (Second) of Torts and the development of products liability law was still in the offing. The basic idea of a big case with plaintiffs unified as to liability but disparate as to damages was the Grand Canyon airplane crash. A few giant other cases were discussed but, as will be shown, they were expected to be too big for the new rule.
Page 49 - ... and each party agrees not to assert, by way of motion, as a defense, or otherwise, in any such...
Page 58 - ... settlement of a nationwide class action to obtain repair damages or retrofit of the 5-6 million side-saddle fuel tank GM Trucks, class members were to receive a $1,000 coupon, good for 15 months, toward the purchase of a new GM Truck or minivan. The class included truck owners in all states but Texas.
Page 58 - We claimed that the $33 million fee was so far above the lodestar amount that the gross disparity between the fee request and the lodestar underscored the unjustified nature of the request. In a lengthy opinion, the district court agreed with our submissions and reduced the fee award to $10.25 million, plus allowing lodestar compensation for future work to implement the settlement. The ruling thus saved class members about $20 million, and it was affirmed last year by the United States Court of Appeals...
Page 60 - reverse auction;" that is, settling the case with the attorney who offers the cheapest settlement, often for an inflated fee. That is why it is hypocritical for corporate lawyers to rail against these settlements; after all, it takes both parties to settle these cases and any corporation that opposes class action settlements can just say no.