On the recordMarch 13, 2002
I commend him for offering this amendment and I strongly support it. Let me tell you why. To the gentleman from Texas, the plaintiffs in a class action lawsuit do not pay the defendants' attorneys' fees, but they sure do in some class actions. How about the Bank of Boston settlement? Would it not have been a good idea for all the plaintiffs in that case if they knew, after the attorneys in the case were paid $8.5 million in attorneys' fees, that the members of the class would then be sued by their own attorneys to pay $25 million more? Would that not have been a useful thing for the plaintiffs to have had in that case, when they decide whether or not they want to support this particular proposed settlement of the class? Or how about the plaintiffs in the airline case where the attorneys received $16 million in fees, and the plaintiffs themselves received coupons for $25 off a $250 or more airline flight, in other words, a 10 percent reduction? Many of those plaintiffs may have said the attorneys are getting $16 million and I am getting a coupon, no, I do not want that settlement. They ought to know that ahead of time.
Source
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