ABA Journal reports on Ted Frank's victory in a case challenging the settlement set to pay most of the money to attorney's rather than the class members who were harmed.
In a victory for the objecting shareholder, Theodore H. “Ted” Frank, of the Center for Class Action Fairness, the Chicago-based 7th U.S. Circuit Court of Appeals not only put him back in the ballgame but nixed the suit, Reuters reports.
“The suit serves no goal other than to move money from the corporate treasury to the attorneys’ coffers, while depriving Sears of directors whom its investors freely elected,” wrote Chief Judge Frank Easterbrook in the three-judge panel’s unanimous opinion (PDF).
Read the fuill article at ABA Journal.