“Would it be too cynical to speculate that what may be going on here is that class counsel wanted a settlement that would give them a generous fee and Fleet wanted a settlement that would extinguish 1.4 million claims against it at no cost to itself?” — Judge Richard Posner, writing for a unanimous Seventh Circuit panel in the class action case of Mirfasihi v. Fleet Mortgage Corp., Jan. 29 (PDF). Answering his own question, Posner continues: “The settlement that the district judge approved sold these 1.4 million claimants down the river.” (via How Appealing, whose author Howard Bashman has just announced that he’s striking out to launch his own appellate practice). More: David Giacalone is on the case.
“Would it be too cynical to speculate…?”
“Would it be too cynical to speculate that what may be going on here is that class counsel wanted a settlement that would give them a generous fee and Fleet wanted a settlement that would extinguish 1.4 million claims against it at no cost to itself?” — Judge Richard Posner, writing for a unanimous Seventh […]
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