U.S. court voids payout of unclaimed funds in BofA class action

Reuters discusses Center for Class Action Fairness's victory in Oetting v. Green Jacobson PC, 8th U.S. Circuit Court of Appeals, No. 13-2620

Thursday's 2-1 decision was a victory for David Oetting, who had also opposed the $490 million settlement on the ground it allocated too little to former NationsBank shareholders like himself and too much to former BankAmerica shareholders. He is pursuing separate malpractice litigation against Green Jacobson.

Ted Frank, the founder of the Center for Class Action Fairness, and Hilton Tomlinson represented Oetting. Joe Jacobson argued before the 8th Circuit on behalf of his law firm.

Oetting's lawyer Frank said class action attorneys have treated settlement money as their own personal piggy bank."They are much happier holding a big ceremony where they can deliver checks to their local charities, which actually happened here, rather than look out for their clients," he said in an interview.