If you live in US like me, you likely get these notices of settlements of class action suits. These are lawsuits brought by attorneys, who usually specialize purely in this area, that go after big companies to collect money ostensibly on behalf of hurt consumers. In reality, vast majority of them are for the benefit of the law firm, than any injured person. I have filled out the forms a few times and never heard anything. In other cases, I laughed at the prospects of showing for example that I flew on British Airways 10 years ago and had some ability of proving the same! Only to get $5.25 back in refunds.
Even in the cases where we were clearly damaged like the Maytag washer and driers that kept water in them and become smelly as heck, and had to be thrown out together with $2,000 we paid for both even though they were working otherwise, we never heard a thing.
This latest notice of "settlement" however, takes the cake. It was a suit brought against merger/acquisition of Texas Industries Inc and Martin Marietta. First thing that gets me is that this is a full on legal filing. Nothing in it reads remotely like a consumer notice. If you don't have significant experience reading legal papers, you would not have a clue what it is. It is some 10 pages long which I suspect is is intentional to cover up the preposterous nature of it:
1. There is zero, let me repeat, there is zero money being given to any "injured" clients. No money whatsoever!
2. A simple filing by the companies being sued with the SEC.
3. $360,000 for the attorneys who brought the suit!!!!
Yup, they settled for their own money and that was that. The justification was that they took "risks" for bringing this suit so they should be rewarded not only for their true expenses but some profit. Are you kidding me? Since when the legal system was an investment as to reward risks? And since when you are to be applauded for taking the "risks" while proposing that your client get nothing???
Likely they realized their suit was frivolous and were happy to get nice mark up of what they put in. And the companies being sued were happy to pay it since even if they won, they would have incurred far more fees than this amount.
No economic value was created sans whoever is getting paid to print and mail these notices. We all funded the judges and legal system so that this law firm could get this sort of money to go and sue more companies like this.
I much rather if lawyers are just going to take care of themselves that they do so without telling us. To think that they should write a 10 page notice to send to me just adds insult to injury. Yeh, I supposedly have the right to "opt out" of this settlement. The only bigger joke is me or someone else who gets this notice wanting to do that. A kabuki theater if there ever was one. Why not give me the right to sue this law firm if I can show that they looked out for their best interest rather than me as the client? Now that would make things interesting.
Even in the cases where we were clearly damaged like the Maytag washer and driers that kept water in them and become smelly as heck, and had to be thrown out together with $2,000 we paid for both even though they were working otherwise, we never heard a thing.
This latest notice of "settlement" however, takes the cake. It was a suit brought against merger/acquisition of Texas Industries Inc and Martin Marietta. First thing that gets me is that this is a full on legal filing. Nothing in it reads remotely like a consumer notice. If you don't have significant experience reading legal papers, you would not have a clue what it is. It is some 10 pages long which I suspect is is intentional to cover up the preposterous nature of it:
1. There is zero, let me repeat, there is zero money being given to any "injured" clients. No money whatsoever!
2. A simple filing by the companies being sued with the SEC.
3. $360,000 for the attorneys who brought the suit!!!!
Yup, they settled for their own money and that was that. The justification was that they took "risks" for bringing this suit so they should be rewarded not only for their true expenses but some profit. Are you kidding me? Since when the legal system was an investment as to reward risks? And since when you are to be applauded for taking the "risks" while proposing that your client get nothing???
Likely they realized their suit was frivolous and were happy to get nice mark up of what they put in. And the companies being sued were happy to pay it since even if they won, they would have incurred far more fees than this amount.
No economic value was created sans whoever is getting paid to print and mail these notices. We all funded the judges and legal system so that this law firm could get this sort of money to go and sue more companies like this.
I much rather if lawyers are just going to take care of themselves that they do so without telling us. To think that they should write a 10 page notice to send to me just adds insult to injury. Yeh, I supposedly have the right to "opt out" of this settlement. The only bigger joke is me or someone else who gets this notice wanting to do that. A kabuki theater if there ever was one. Why not give me the right to sue this law firm if I can show that they looked out for their best interest rather than me as the client? Now that would make things interesting.