In Dabit, the Court unanimously ruled that Congress intended all class action
lawsuits involving securities listed nationally and traded on a national exchange to proceed in federal court, where the law is more predictable.
Significantly, the class action
does not cover situations in which a carrier levies a periodic charge (as opposed to a call-by-call charge) in exchange for a specific number of (or unlimited) minutes or calls (such as the now common billing method for cellular telephone service of, for example, $49.
In stark contrast, in an opt-in class action
, such as one brought under the ADEA, all class members are identified when the class is closed--long before the settlement is finalized--and potential plaintiffs who failed to join the class are ineligible to share in any recovery.
We cannot allow one rogue county to set the pace for class action
lawsuits nationwide, thereby undermining Illinois and other states' ability to effectively adjudicate class action
As Beisner and Miller report, 70 class actions
were filed in Madison County between 1990 and 2000, a 1,850 percent increase over the previous decade.
This approach is associated with a 36 percent reduction in class action
spending per year (a 41 percent reduction in outside counsel spending on such cases).
In one of these trends, a wave of copycat litigation has hit several small to midsize life insurers; in another, plaintiffs have sought to avoid some of the obstacles blocking nationwide suits in federal courts by bringing single-state class actions
, often in state courts.
Some computer firms are challenging the class action
system and are financing Prop.
Product class actions
have been settled in similar scenarios, frequently with the support of the defendant.
Securities class actions
are the most common type of class actions
; since 2002, they are also the most costly and time-consuming to resolve; cases proceeding with a concurrent Securities and Exchange Commission (SEC) investigation tend to settle for double the price of those without the SEC proceeding," said Ms.
John Gould, Vice President of Cornerstone Research and a contributor to the study, noted that the decrease in securities class action
activity in 2006 is even more dramatic when measured by the associated market capitalization losses.
Seeks New Professional Opportunities and Desires to Encourage Class Action