Although two federal appeals courts have frowned on the use of competitive bidding to select lead counsel in securities class actions, the federal judge who first championed the practice in 1990 recently urged Congress to codify auctioning of lead counsel status.

Chief Judge Vaughn Walker of the Northern District of California was among the first federal judges in the country to experiment with competitive selection of class counsel as a means of saving investors money in securities cases. In re Oracle Securities Litigation, 131 F.R.D. 688 (N.D. Calif. 1990).

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]