Appellate Judge Sends Lawyers’ Windfall up in Smoke

The News-Gazette covers CEI’s Center for Class Action Fairness’ Walgreens case: 

It’s a textbook example of a legal shakedown conducted by lawyers who purported to represent Walgreens stockholders. In reality, the lawyers represented themselves, agreeing to a marginal settlement that did nothing for their clients but for which they were to be paid $370,000.

Their plan worked beautifully until the Washington-based Competitive Enterprise Institute decided to challenge the settlement. Ultimately, the case ended up before the 7th Circuit, where Posner wrote a decision that its proponents hope will discourage similar litigation in the future.