Given that the class attorneys are negotiating money for third parties instead of their own putative clients (for their own benefit, no less), there is also a breach of fiduciary duty that raises questions whether the class attorneys meet the Rule 23(a)(4) standard.
The settlement is further problematic in that the vast majority of class members are entitled to zero compensation; it is far from clear that the sole lead plaintiff is a member of this subclass.
If you're not in the class, but know people or institutions who might be, spread the word.
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Class members are those who bought Apple stock between August 24, 2001 and June 29, 2006—but only people who bought the stock between November 2005 and May 2006 are entitled to recover any money under the settlement, and their recovery is being diluted by the excessive demand for attorneys' fees and diversion to cy pres.
We'd be happy to represent you pro bono if you agree that the settlement is objectionable and wish to object: please contact me.
In this case, the kernel of an article came to me via Twitter as one of my readers linked me to a post on Tumblr with a rant and blistering response between a “Nice Guy” and one of the many women who bought into the “Nice Guy” schtick.
The issue of the “Nice Guy” is one that is close to my cold, mercenary heart if only because I’ve spent so much time in that mindset and every “I’ve been friendzoned” rant brings familiar echoes of ones that I wrote myself and broadcast to the uncaring world wide web – ones that fortunately have been lost to the universe, never to be seen againprinted the t-shirt (another college experiment that has been destroyed) I feel the need to educate my Nice Guy brethren as to just what the big fucking problem is with the Nice Guy world view and just Let’s start with the most obvious issue here: the supposed “Nice Guy” is a liar from start to finish.
The Center for Class Action Fairness would love to object to such a blatantly illegal settlement.
But it can't do so in a vacuum: it can only do so on behalf of a class member who is being ripped off by these attorneys.I always appreciate it when a topic for an article happens to fall into my lap.It saves me all of the time and anxiety that comes with writing a thrice-weekly column that usually culminates with the 3 AM insomnia-inducing panic that leads to my brain screaming “I HAVE RUN OUT OF IDEAS!(The practice seems to have been particularly popular in the tech sector.) In 2007, New York City's municipal employee pension fund sued Apple over the backdated options.A federal judge dismissed the case but class-action lawyers working for the pension fund kept the litigation going.Frank writes: The magnitude of the settlement compared to the original claims demonstrates that it is an extortionate nuisance settlement, being made because it would cost more to defend the suit than to pay the attorneys to go away.