The lead plaintiff had claimed losses of $25 million, but settled for zero plus some corporate-governance changes that, as a Rutgers professor notes, probably would have happened anyway. But a settlement approved by a New Jersey federal judge in a shareholder suit against Schering-Plough awarded $9.5 million in attorneys’ fees, even applying a multiplier to lodestar hourly rates. [New Jersey Law Journal/law.com; In re Schering-Plough Corp. Securities Litigation, Case No. 2:01cv829 (D.N.J.)] Paying for those fees: shareholders, who also paid for what were likely multi-million dollar defense costs of litigation. Judge Katharine Sweeney Hayden, when certifying a single class in 2003, rejected arguments that there was an inherent conflict between class members that had already sold their stock and class members who continued to hold stock; she was appointed by Clinton in 1997.
- “What you will not see in the findings of this bill, where politicians typically describe the problem they intend to solve, is any evidence that arbitration harms consumers or anyone else.” [WSJ]
- You saw it first on Overlawyered (Jun. 9; Jul. 20; Sep. 14): “Plaintiffs Lawyers in ‘Blood Feud’ Over Fees From $2 Billion Settlement” [American Lawyer]
- Junk science verdict against Dole Pineapple and Dow Chemical over pesticide use. [Cal Biz Lit]
- Alabama Supreme Court points out that good-faith contract dispute does not merit multi-billion-dollar punitive damages. [Birmingham News; Marketwatch; Exxon v. Alabama via Alabama Appellate Watch via Bashman]
- Still more Montgomery Blair Sibley follies. [Legal Times]
- The latest farm follies. [Postrel; Mair; Rauch]
- Why Ron Paul is a crank [Frum]