Chris Dodd: “As a result of that letter, we went through several days of negotiations on this bill. The four areas that we sought…”

“As a result of that letter, we went through several days of negotiations on this bill. The four areas that we sought changes in the bill are the following: Removal of formula including the definition of mass torts; the so-called merry-go-round problem in the bill; coupon settlements; and fair compensation for named plaintiffs. Those are the four areas we identified in the November 14 letter. As a result of our negotiations, we came back with 12 improvements in this bill, agreed to by myself, Senators Frist, Grassley, Hatch, Kohl, Landrieu, and Schumer. I ask unanimous consent that the list of the 12 changes that was a result of that negotiation be printed in the Record. There being no objection, the material was ordered to be printed in the Record, as follows: Summary of Changes to S. 1751 as Agreed to by Senators Frist, Grassley, Hatch, Kohl, Carper, Dodd, Landrieu, and Schumer The Compromise Improves Coupon Settlement Procedures S. 1751 would have continued to allow coupon settlements even though only a small percentage of coupons are actually redeemed by class members in many cases. The compromise proposal requires that attorneys fees be based either on (a) the proportionate value of coupons actually redeemed by class members or (b) the hours actually billed in prosecuting the class action. The compromise proposal also adds a provision permitting federal courts to require that settlement agreements provide for charitable distribution of unclaimed coupon values.”