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Update: Tennessee cy pres



In a post on litigation slush funds last December, we glancingly referred to the controversy that arose after a Tennessee judge presiding over a shareholder class action against pharmacy firm CVS/Caremark instructed lawyers to take $400,000 in money that would otherwise go to their fees and give it to enable needy kids to attend local Nashville Predator hockey games. This spring the ABA Journal had the update: the controversy deepened, and the judge eventually backed off and recused himself from the case. Would that other ill-considered cy pres allocations could be reconsidered as willingly...

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Rafael Mangual
Project Manager,
Legal Policy
rmangual@manhattan-institute.org

Katherine Lazarski
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.