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Lead-counsel auctions, considered

Some federal trial judges have experimented with imposing competitive-bidding procedures on law firms seeking lead-counsel status in securities class actions; the Ninth and Third Circuits, however, have rebuffed such initiatives. As Jonathan noted last month, however, a bill in Congress would revive the practice, and a House panel recently heard testimony from Chief Judge Vaughn Walker of the U.S. District Court for the Northern District of California, known as a pioneer of the auction format, as well as critics of the bill, H.R. 5491. The National Law Journal's coverage of the hearing is here.



Rafael Mangual
Project Manager,
Legal Policy

Manhattan Institute


Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.