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Bids should never be sealed when a federal judge holds an auction to choose the lead counsel in a class action suit because the public has a right to watch the process and inspect court papers, the 3rd U.S. Circuit Court of Appeals ruled in a securities litigation case involving Cendant Corp. The court, however, offered no opinion on the larger question of whether auctions are a proper method for choosing lead counsel.
August 08, 2001 at 12:00 AM
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The original version of this story was published on Law.Com
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