That's funny as hell! Glad to see these jackals getting hit. As an occasional buyer of stocks that have taken a big drop, I don't like to see those bastids jumping on. Sure, the "public" needs to be protected from crooked management, but there are plenty of laws for that. We don't need 40 "law" firms dumping out class actions for the "shareholders" the minute a stock drops. Shareholders get a penny, maybe, and those sleazes get the rest. ..
Yep, I couldn't agree more. The federal class action rules were perhaps intended originally for a goo dpurpose, namely giving a means to get to court to a large group of people who had suffred a relatively small injury. In practice, it has turned out to be a device to extort money from shareholders of companies into the pockets of sleazebag lawyers. That might be a necessary evil if the victims were actually being compensated, but in the vast majority of these cases they end up with little or nothing of value while the lawyers negotiate multimillion dollar cash payments to themselves. Part of the blame, like so many other things that have gone wrong in our society, can be laid at the feet of the judiciary, which was supposed to oversee these cases and settlements. In practice they have rubber-stamped them. I have come to the belief that if there is such widespread injury as to warrant a class action, it should be handled by the government. That way competing considerations, such as bankrupting entire industries that had no idea they were doing anything wrong at the time, could be taken into account.
apart from that really cool typo, I take issue with the apparent presumption that the "government" is somehow immune from excesses and abuses of power. It is not -- in fact, it is prone to them. Nobody can bankrupt an industry faster than the gummint. decentralization of power and/or the application of countervailing interest is the way to keep abuses of power in check.
Class actions should be handled by the gov??? Not sure why you would want to substitute special interest and the like to handle mass injury. I think its too easy to say sleazebag lawyers. In this case.. if even found true, this is an isolated case.
Just the beginning, boyz. This class action garbage are shorts attacking companies that may or may not deserve shorting. But nobody deserves manipulation. The stocks are in trouble, the shareholders hurt enuf, then these rodents climb on. I've watched these scumbags pile on companies for years. Not only these dirtbags, but the rest, too. How much money is ever distributed to shareholders? Buy the time these creeps get done, there never is anything left. Let's see the punishment here for tying up the justice system for no good reason. And keep posted - there is much, much more to this story. May these bastards lose as much sleep as the people they have attacked through the years.
Don't get me wrong. I am not advocating that the government take up where these sleazebags leave off. I am merely pointing out that class actions are not the only way to protect the public. The current system is obviously broken.