Forbes cited CEI’s Senior Attorney Ted Franks on Labaton Sucharow litigation case.
The federal judge who unleashed a wide-ranging investigation into the fee practices of Labaton Sucharow was unimpressed by the class action firm’s agreement to install an ethics monitor and revamp its rules, saying he was more concerned about getting to the bottom of misstatements Labaton and some of its co-counsel made when applying for a $75 million fee.
Ted Frank, a lawyer with the Competitive Enterprise Institute who was invited to file friend-of-the-court briefs in the case, said he was worried no one is representing class members as the lawyers fight with Rosen and the court over the $75 million fee. The money legally belongs to class members until the judge makes a final decision on what the lawyers should have been paid.
“There is nobody at the table in these negotiations representing the class,” Frank said. “All the pushing is in one direction.”