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Mr. and Mrs. Smith go to Baltimore



Why? Well, Fred and Fran Smith of the Competitive Enterprise Institute are objecting to an unreasonable nuisance settlement in In re Mutual Funds Investment Litigation, No. 04-cv-1310 (D. Md.). As the objection notes, the class notice indicated that the attorneys would ask for 25% of the settlement fund—but their actual request would give the attorneys $2.142 million and the class $2.27 million. Why is it that class action attorneys suing for fraud are allowed to give class notice far more misleading than what they claim they should be allowed to sue for? (Meanwhile, not only does the settlement website fail to include the motion for fee request, the fee request itself fails to identify the appropriate statutory provision and standards of the PSLRA, and is wildly inflated under the law as a result.) The fairness hearing is October 25.

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Isaac Gorodetski
Project Manager,
Center for Legal Policy at the
Manhattan Institute
igorodetski@manhattan-institute.org

Katherine Lazarski
Press Officer,
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.