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Courts still ignoring cy pres requirements

Not even three weeks after Nachsin v. AOL, California federal courts continue to designate cy pres recipients entirely unrelated to the class—but perhaps related to the defendant? In re Accuray Sec. Lit. (N.D. Cal. Dec. 8, 2011) calls for residual amounts of the settlement fund to be paid to St. Jude Children's Research Hospital. Fortunately, it is unlikely there will be residual amounts of a settlement fund in a securities case.

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Rafael Mangual
Project Manager,
Legal Policy

Manhattan Institute


Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.