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Two New York plaintiffs firms are battling in federal court over whether one got too chummy with defendants in its efforts to become lead counsel in a class action. The tactic is known as a "reverse auction," by which attorneys talk to prospective defendants in advance and try to strike a deal that gives claimants an incentive not to sue. Both firms have filed putative class actions against KPMG and Sidley, Austin, Brown & Wood over tax-avoidance plans they developed and sold jointly in the late 1990s.
August 12, 2005 at 12:00 AM
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The original version of this story was published on Law.Com
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