Employing a tactic they used successfully last year, California’s trial lawyers have launched three ballot initiatives to derail an anti-class action measure sponsored by big business.
Provisions in the initiatives, sponsored by the Consumer Attorneys of California, would:
- strip the pay of corporate executives convicted of fraud and distribute the money to California’s Corporate Fraud Compensation Fund (.pdf);
- require a majority of shareholders to approve the compensation packages of a company’s board of directors and top 10 executives;
- disclose the aggregate salary ranges, retirement offerings and health care plans provided to a publicly held company’s workers;
- discourage coupon settlements that typically offer class action plaintiffs a discount on defendant companies’ goods or services; and
- direct 25 percent of class action damages to the state for “consumer protection, shareholder and pension protection, fire and police protection and protection from insurance companies … .”
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