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 ?
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.
Among those to testify at the hearing is John Beisner, co-author of two Manhattan Institute reports identifying Madison County as one of the three worst asylums nationwide for class action lawsuits.
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.
id=6921), a member of the firm's executive committee and leader of the commercial insurance and class action litigation group.
Product class actions have been settled in similar scenarios, frequently with the support of the defendant.
The white paper examines the number of class actions pending in federal courts from 2002-2005; the allegations involved, including specific accounting allegations; securities judgments, types of plaintiffs; and, the industries targeted.
The number of securities fraud class actions filed in 2006 was the lowest ever recorded in a calendar year since the adoption of the Public Securities Litigation Reform Act (PSLRA) of 1995, notes the Securities Class Action Filings 2006 Year in Review report released today by the Stanford Law School Securities Class Action Clearinghouse, a joint project between Stanford Law School and Cornerstone Research.