The Boston Globe discusses attorneys' fees in class-action lawsuits with CEI's Center for Class Action Fairness founder Ted Frank.
One expert on attorneys’ fees in class-action lawsuits said Wolf’s call for an investigation is extremely rare. Ted Frank, a lawyer at the Competitive Enterprise Institute think tank in Washington, said he has seen special masters appointed to review fees only twice — and in both cases the fees had not yet been awarded, unlike the State Street case.
“This is very serious,” said Frank, a leading national critic of legal fees in class-action lawsuits. “The judge is anticipating a real investigatory role for the special master. There’s $2 million in the pot — there’s no incentive to do a brief, perfunctory investigation.”
Judge Wolf could reduce the lawyers’ fees, Frank said, or he could impose sanctions ranging from a reprimand to a referral to the state Board of Bar Overseers or the US attorney.
Read the full article at The Boston Globe.