Thursday, January 3, 2013

Class Action lawyers game the system for Personal Gain

Class Action law suits have been quite an arena for those who want to try to fight the system on a big scale. And yes there have been many successful Class Action Lawsuits.
But in keeping with the theme of this title, here a few points where many lawyers have done it for their Personal Gain and Not Necessarily for their clients best welfare.
For example, NIA made a comment in their article,
"College Bubble Set to Burst in 2011", January 12, 2011:
" The artificially high incomes of lawyers are made possible entirely by inflation, which steals the wealth from hard working goods producing middle-class Americans and transfers it to those who add no real value to society."
Please make no mistake, I am not discounting the fact that there are hard working, and ethical lawyers in our society. However, when the balance between Personal Gain and Working for the Client become an issue, I feel all of us should question the motives.
So do read some of the examples below:
Washington Times | Jan 03, 2013
Recently, the 6th U.S. Circuit Court of Appeals decided an interesting case involving big-money lawyer fees in class actions, U.S. v. Gallion, et al.
Tags: Legal Ethics, Securities Litigation, Trial Lawyers' Influence

ThomsonReuters | Jan 03, 2013
Last June, while the country was transfixed by the U.S. Supreme Court's ruling on the constitutionality of Obamacare, the justices quietly ducked an issue that has bedeviled Silicon Valley for more than a decade. The court issued a ruling that it had "improvidently" granted certiorari in a case called First American Financial v. Edwards, which presented the question of whether plaintiffs have standing to sue if they cannot demonstrate an injury.
Tags: Class Action

The Recorder | Jan 03, 2013
The chief judge of the U.S. Court of Appeals for the Ninth Circuit handed plaintiffs securities lawyers a partial victory Wednesday, while one of his protégés handed them a flat-out loss.
Tags: California, Securities Litigation

Forbes | Jan 03, 2013
In his superb new book The Financial Crisis and the Free Market Cure, John A. Allison, former longtime chairman and CEO of BB&T Bank and current president and CEO of the Cato Institute, marshals exceptionally broad and long experience and sharp analytical focus to prove the case that the free market produces not only economic efficiency, but also justice.
Tags: Class Action

Southeast Texas Record | Jan 03, 2013
Collectively, personal injury trial lawyers, spend more in campaign contributions than any other business, industry or profession in Texas.
Tags: Texas, Trial Lawyers' Influence

American Lawyer | Subscription Required | Jan 03, 2013
Columbia Law School professor John Coffee Jr. looked at these trends and came to an intriguing conclusion: The SEC should admit when it's licked and team up with private contingency fee counsel.
Tags: Financial Services, Legal Ethics, Trial Lawyers' Influence

Reuters | Jan 03, 2013
Litigation funder IMF Australia said it will back lawsuits in Europe related to billions of dollars worth of toxic derivatives created by ABN AMRO Bank N.V. and rated Triple-A by Standard & Poor's after winning a similar case in Australia.
Tags: International, Third-Party Litigation Financing
Financial Times | Subscription Required | Jan 03, 2013
The four largest international auditing firms are trying to persuade regulators that they are more vulnerable to negligence claims than they seem - as part of a broader campaign to stave off measures to dilute their market dominance.
Tags: Financial Services