Auctions, bidding, quarreling, dissension. Sounds like an evening at Sotheby’s. In fact, it captures much of the last year’s developments in class actions.
The Third U.S. Circuit Court of Appeals Task Force Report on the Selection of Class Counsel took a negative view of judicial auctioning of the lead counsel role. And, in addition to important securities class-action decisions dealing with auctions, lead plaintiff and lead counsel designations, amendments to Federal Rule of Civil Procedure 23 that will apply to all class actions are pending.
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