Sep 23, 2020
What happens when a Subway foot-long sandwich is only 11 inches long? There’s a class action lawsuit for that. In recent years, high-profile class action settlements have been criticized for delivering little to no monetary relief to plaintiffs — instead, providing coupons, injunctive relief or “cy pres” relief in which the defendant makes charitable donations — while making large fee awards to attorneys.
On the latest episode of the ABA Banking Journal Podcast — sponsored by Reich and Tang Deposit Solutions — class action expert Ted Frank discusses recent trends in class litigation. As founder of the Hamilton Lincoln Law Institute and its Center for Class Action Fairness, Frank discusses his efforts to object to settlements that deliver insufficiently for consumers — and how these efforts have helped to reduce frivolous lawsuits by making it harder for plaintiffs attorneys to get big fee awards. He also discusses the value of arbitration for consumers compared to class actions, as well as the role of shareholder strike suits in mergers and acquisitions.