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class action |
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class actionIn law, a court procedure where one or more claimants represent a larger group of people who are all making the same kind of claim against the same defendant. The court's decision is binding on all the members of the group. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Class actions seeking more than $5 million in damages--instead of the previous $75,000 per class member--must be removed to federal court. This article reviews the current law on contingent fee awards in general and in class actions in particular, analyzes whether class action attorneys' fees should be included in the plaintiffs' gross income and provides some recommendations. Ohio Insurance Commissioner Lee Covington outlined the toll such lawsuits can take on a company "One of our class actions will result in hundreds of millions, if not billions, going from the marketplace," Covington said, "One company lost 10% of its surplus. |
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