In the Bayou case, the most notable recent case of massive investment fraud, lawyers had some success going after investors who’d pulled money out of the fund before its collapse — but according to Bloomberg News, quoting investor lawyer Carole Neville, $20 million of the $33 million they recovered went to pay legal fees. The piece quotes law professor Lynn LoPucki, now of Harvard, being scathing on the subject: “Bankruptcy trustees ’spend huge amounts of money trying to get money from some investors and give it back to other investors,’ LoPucki said. ‘The incentive of the trustee and the lawyers is to churn, to bring lots of cases, spend lots of time and charge lots of fees.’”
Chronicling the high cost of our legal system
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Point of Law- Around the web, November 23Tide turning against drug-pricing suits? Glaxo SmithKline beats back Kentucky case [Longstreth, AmLaw Daily] Court in Australia deems litigation funding pact improper as "unregistered managed investment scheme" [New Lawyer] Should docs be careful what they ask for? Michelle Mello... […]Walter Olson
- Latest Labaton pension fund controversy: MissouriAn "uproar" has broken out over the state employee pension fund's prospective hiring of lawyers to file securities suits. "At least six firms from around the country have been courting the board of the Missouri State Employees Retirement System, or... […]Walter Olson
- In Congress, promoting the return of notice pleadingsRep. Jerrold Nadler (D-NY) has introduced H.R. 4115, the Open Access to Courts Act of 2009, to restore notice pleadings, i.e., the status quo ante Twombly and Iqbal. Nadler's news release announced the bill, "Nadler, Johnson, and Conyers Introduce Bill... […]Carter Wood
- "'Sick Leave' Mandates We Can Ill Afford"Diana Furchtgott-Roth warns of another labor-backed bill gathering steam in Congress. Earlier here and here.... […]Walter Olson
- "Jury rejects prosecutor's rigged game"Our own Marie Gryphon on the Bear Stearns acquittals.... […]Walter Olson
- Around the web, November 23
- Volokh
- Spelling Out Numbers vs. Writing Them Using DigitsAny thoughts on what the rule should be here? My sense is that numbers written using digits are much easier to quickly absorb, so I tend to write them that way whenever they refer to something that people might want to use in calculations or comparisons. I’d say, for instance, that “These books [...] […]Eugene Volokh
- Yoo v. Goldsmith on the KSM TrialLast week, former OLC deputy John Yoo argued in the WSJ that the decision to try Khalid Sheikh Mohammed in New York was a major mistake. Trying KSM in civilian court will be an intelligence bonanza for al Qaeda and the hostile nations that will view the U.S. intelligence methods and sources that such a trial [...] […]Jonathan H. Adler
- The Really Traditional Socratic MethodYou ask people hard questions. Then they kill you. Copyright © 2009 This feed is for personal, non-commercial use only. The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint: ) […]Eugene Volokh
- Poll on political bloggers and the media:This week’s National Journal poll of political bloggers started off by asking them to rank the importance of various media that the political blogger himself uses to stay informed. On both the Right and the Left, “websites/blogs” came in first. However, on the Left, daily print newspapers were second, while on the Right, they were [...] […]David Kopel
- Concluding Thoughts on Public Opinion and Constitutional LawThank you for the chance to post here over the past week. Given how much work it is I don’t know how the regular conspirators have time to do anything else. I have now sifted through the 200 or so comments my posts have generated and thought it might be worth responding to them [...] […]Nathaniel Persily, guest-blogging
- Spelling Out Numbers vs. Writing Them Using Digits
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{ 3 comments }
Lets victimize the victim who finally wised up before the scheme collapsed and reward those who stayed in because of greed.
“Somebody, somewhere, owes you money!”
Doug you really don’t understand this do you.
The Goal is NOT to victimize the victim. That is a tragic but but acceptable side effect of the achieving a truly noble goal. That of rewarding a LAWYER!
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