SLUSA sought to close the PSLRA's legal loophole by making federal courts the exclusive forum for securities class action
lawsuits based on state law.
It can be argued that it is not technically necessary to file refund claims given the filing of the class action
complaint and the intransigence of the IRS with respect to such claims.
12) from Sinyard, noting that Eirhart was based on a common fund theory that appears to apply only to opt-out class actions
in which all class members have not yet been identified at the time the fees are awarded, and are not contractually obligated to compensate class counsel.
Not to mention (which Bogus doesn't) the astounding growth in class action
litigation that has made many ATLA members wealthy and, in the process, the single biggest benefactor of the Democratic Party, surpassing even organized labor.
2 billion on class actions
annually; 90 percent of that sum goes to outside counsel, making class action
litigation one of the most outsourced types of legal work.
In fact, class actions
of every variety have been so unsuccessful that plaintiffs are now resorting to individual suits.
Companies such as Ticketmaster have gone from on in-house lawyer to three to fight class actions
, Goldstein said.
But these measures do little more than make class actions
involving citizens from more than one state removable from state courts to federal courts.
Zacharias added, "Securities class actions
and securities regulatory prosecutions represent a significant and costly drain on corporate America and a burden to the judicial system.
Third, the overwhelming majority of securities fraud class actions
that were filed in the late 1990s to the early 2000s are now behind us.
With securities class actions
trending toward increasingly costly litigation, settlements and regulatory proceedings, corporate risk managers are enhancing their directors and officers liability and related insurance coverages," Ms.
Girard Gibbs LLP is one of the nation's leading firms representing individual and institutional investors in securities fraud class actions
and litigation to correct abusive corporate governance practices, breaches of fiduciary duty and proxy violations.