The Connecticut Law Tribune writes about Center for Class Action Fairness' work with fighting cy pres settlements.
In the meanwhile, the fairly new Center for Class Action Fairness (CCAF) is doing some very good work in combating cy pres scams. Formed only last year, the CCAF is a non-profit, public interest law firm dedicated to bringing to light and challenging in court the misdoings of an unholy trinity — the class action bar, special interest groups, and collaborationist jurists. Operating largely on donations, the CCAF in a short period has gained a reputation as a formidable check on highly questionable practices that have gone unchallenged precisely because they are the product of collusive parties and allied judges. The advent of a committed and aggressive watchdog like CCAF is, to those familiar with these scams, like sunlight and Lysol.
CCAF has three lawyers, including founder Ted Frank, and has already racked up some great results. Frank, a former law clerk to 7th Circuit Court of Appeals Judge Frank H. Easterbrook, spent four years in residence at the American Enterprise Institute, and is currently an adjunct fellow at the Manhattan Institute. He understands the personal and political dynamics of the cy pres “industry” and has what it takes to do something about it.
Just this week, CCAF announced that its mere appearance on the scene of a class action settlement was enough to provoke the parties’ counsel to, on their own, modify the settlement terms so to redirect more settlement funds to the class members. The class action, captioned In re Apple Inc. Securities Litigation, brought in a San Jose federal court, challenged as injurious to shareholders Apple's practice of back dating options.
Read the full article at the Connecticut Law Tribune.