Class action

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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.

Class Action Lawsuit

A lawsuit that occurs when multiple people, who claim to have been wronged by the defendant in the same or a similar way, seek restitution, even if the alleged wrongs occurred at different times. For example, multiple shareholders may file a class action suit against a company if they suffered losses from similar fraudulent actions. Proponents of class actions lawsuits contend that they allow "the little guy," however defined, to seek justice. Opponents argue that they enrich attorneys and do not necessarily help the actual plaintiffs. See also: Tort reform, Class Action Fairness Act of 2005.
References in periodicals archive ?
Over the past several years, a series of Supreme Court rulings have limited the ability to bring class action suits and have generally divided the justices along ideological lines.
Morick also stated that the existence of the class action suit has made both business expansion and access to capital considerably more difficult than normal, thereby limiting the growth and profit potential of the company.
The class action suit against UnitedHealth challenges the most significant and egregious example of executive malfeasance in what has become known as the "options backdating scandal.
Now I have great satisfaction in filing this first class action suit with Wendell Gauthier against this industry that will finally have to defend themselves against these charges.
Members of the class action suit are all the people who bought insurance policies issued by Farmers in California or Nevada between October 6, 2000 and August 26, 2005, paid on a monthly basis, and were charged one or more "service charges" in addition to their premiums.
The increase in the loss from 1982 to 1993 was in part attributable to increased legal fees associated with the company's two patent infringement cases, which have subsequently been settled, the shareholders class action suit and the costs associated with the employment of John Sculley.
Our firm applauds the long months and years of work of Brad Baker in guiding this complicated class action suit to settlement," said partner Albro L.
The suit was filed in October 2002 and was certified a class action suit in June 2004.
A class action suit is currently pending in Barbour County, Ala.
In NY010, Partech Holdings threatened with class action suit, moved earlier today, the release was issued by Williamson & Associates.
Jeffery Korn, general counsel of iMergent, stated, "We continue to believe the class action suit complaints that have been filed are without merit and we intend to aggressively defend iMergent against these claims.
Separately, the Company expects to record approximately $40 million in additional charges during the quarter ending March 31, 2005 associated with the settlement agreement between the parties in the previously disclosed class action suit related to construction defect claims from water intrusion against Trinity Homes LLC ("Trinity") and Beazer Homes Investment Corp.