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Class Action

   Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia, Hutchinson 0.03 sec.
Class Action
An action where an individual represents a group in a court claim. The judgment from the suit is for all the members of the group (class).

Notes:
This is often done when shareholders launch a lawsuit, mainly because it would be too expensive for each individual shareholder to launch their own law suit.

See also: Class

Class action
A legal complaint filed by a lawyer or group of lawyers for a group of petitioners with an identical grievance, often with an award proportionate to the number of shareholders involved.

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Management side attorneys in wage-and-hour disputes-scored a victory this week when the Central District of California Western Division declined to certify a class action against Wal-Mart Stores Inc.
a leading provider of specialized information for the legal profession, earlier this month launched Securities Class Action Reporter, a briefing on the latest developments in shareholder class action litigation.
In related news, Strafford Publications (Atlanta, GA) has begun the publication of Class Action Law Monitor, a newsletter that is designed to carry information on the latest developments in class action law.
 
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