The Washington Post, urging passage of CAFA, editorialized in 2001 that "class actions are unusually prone to abuse, and the incentive structure of modern class-action
litigation encourages bad behavior by lawyers who are accountable to nobody." (40) The problem, according to the editorial, is the clientlessness of class action practice.
The Class Action Fairness Act of 2005 imposes some meaningful restrictions on the epidemic of class-action
lawsuits that have rocked the business world.
The third prong of the industry's tort-reform agenda, hanging the way class-action
lawsuits are handled, also died at the hands of Senate Democrats.
(107) See Kate Coscarelli, 2006 Sees Sharp Drop in Class-Action
Suits, STAR-LEDGER (New ark), July 28, 2006, at 51 (describing a 45% reduction in class action filings in the first half of 2006 and speculating whether the Milberg Weiss indictments are a cause of the drop in filings); see also Brooke A.
When the group set out to collect data on class-action
litigation, it learned that the Rand Corp.'s Institute for Civil Justice had already begun a study on the same issue, Mirel said.
But Graves said class-action
suits take a long time to put together and may not take into account the last three years.
Ken Schloman, a spokesman for the Alliance of American Insurers, said the reform aims to get class-action
lawsuits that are national in scope tried in federal court rather than a state court.
Seldom does a week go by that Isquith doesn't announce that he's filed yet another class-action
against a major corporation and its CEO, alleging securities fraud.
Jeff Greenberg, the man behind Louis Rukeyser's Wall Street, Lous Rukeyser's Mutual Funds, the Gilder Technology Report, and innumerable other high-profile newsletter success stories, has now turned his eye to class-action
Rule 23, for example, might address the effect one federal court should give to the refusal by another federal court to certify a class action or to approve a class-action
Where Stalin used show trials, some modern totalitarians make use of class-action
lawsuits and extorted settlements -- the most significant example being the $246 billion settlement between the tobacco industry and 41 state governments.
A bipartisan bill was introduced in the House that would establish uniform standards to govern class-action