Charles Chalmers, a San Francisco lawyer, unknowingly became a "lead plaintiff" in one of 23 class actions alleging securities fraud by Digital Lightwave Inc., a maker of test products for high-speed telecommunications networks. Chalmers' experience sheds light on what happens in practice under the reforms to investor class actions that Congress enacted in 1995 to target abuses by plaintiffs lawyers. And if his saga is any example, the law may not be working as Congress intended.
May 17, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
“I would specifically like to know if I am your ‘client’ according to your records,” Charles Chalmers asked in a May 28, 1998, e-mail to Barrack, Rodos & Bacine, a Philadelphia law firm that specializes in filing securities fraud class actions.
He didn’t get a yes or no answer. But meanwhile, Barrack, Rodos was busy putting him forth as a “lead plaintiff” in a class action that settled without his knowledge, input or consent.
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