Lawyers win big in class action suit

The St. Louis Post-Dispatch reports on Ted Frank's work to fight the A.G. Edwards Settlement that did not benefit the class members.

Ted Frank, a lawyer from Washington, showed up to object to the settlement.

But Frank seems to be acting on principle. He is a conservative activist and an advocate for tort reform. Last year, he founded the Center for Class Action Fairness. He travels around the country objecting to settlements in which the clients get coupons while the lawyers get cash. He points out that class-action lawyers try to justify their huge fees by pretending to have negotiated millions of dollars worth of coupons for their clients while the truth is, very few people bother to use their coupons.

I thought Frank's arguments Monday were persuasive. Then again, I have always preferred cash to coupons.

Read the full article at the St. Louis Post-Dispatch.