Join our class action

[Let'sgoflying!]

Its a letter I get in the mail periodically. Generally I hate the whole idea and throw them away "You have been identified as an owner of _________ vehicle and a member of the Class in the blahblahblah litigation. Fill out this form and return it to make your claim" etc.

Latest one is the VisaMC antitrust litigation:
www.inrevisacheckmastermoneyantitrustlitigation.com

If my business accepted their debit cards from 92-03 then I can claim a part of the $3B settlement they achieved.

a) bogus or not
b) if I throw it away, who gets my money, the lawyers, VISA/MC, other members of the class?
c) would you do it? (it asks for intimate business details including EIN and total sales for the past 12 years.)

 

[bbchien]

I generally decline such propositions as historically the G-V flying attorneys manage to eat upwards of 70% of the settlements. It's one huge MANGE.

It's all about the charge differences between a debit and a credit card, but it's mostly about a law firm feeding its G-V.

 

[silver-eagle]

Scams! I've gotten them for cellphones, insurance, credit cards, and the latest is total loss of an automobile. It's just ambulance chaser. Do you feel like you were crossed? If so, then maybe you would want to look a little closer.
Me? Nah. If I can't earn it honestly, I really don't want it.

 

[SCCutler]

I generally decline such propositions as historically the G-V flying attorneys manage to eat upwards of 70% of the settlements. It's one huge MANGE.

It's all about the charge differences between a debit and a credit card, but it's mostly about a law firm feeding its G-V.

Dr. B (and remember, I am a lawyer)-

I think that you are being very generous to the plaintiffs' bar there. In my experience, the vast majority of class actions certified end up being settled with "in-kind" compensation, such as (f'rinstance), coupons for three months of free call notes voice mail as offered to all SBC phone subscribers as settlement of a class action against SBC; but the lawyers, they yield very large, seven- and eight-figure settlements.

G-V food, indeed.

Perhaps I am *too* cynical, because I represent a bunch of small businesses all of which put hard-earned capital at risk, employ lots of folks and try so hard to do the right thing. Strike suits are like a pimple on the a** of the law.

But hey, what do I know?

 

[Let'sgoflying!]

The 3billion$ has ALREADY been won.
The question is.... who gets 'my share' if I don't claim it??

 

[gkainz]

Thanks for the insight, Spike. My sentiments exactly!!!

 

[AdamZ]

Dave in a legit class action the funds get divided between the plaintiffs, If there is a settlement fund of $100,000. and there are 100 plainfffs then each gets $1000. If there are only 50 plaintiffs they each get $2000.00 you get the idea. Sometimes of course you do get compensated in Kind such as Certificates for Free airline tickets, Compact discs it can vary depending upon the industry the defendant is in.

Spike, the problem with class actions (mind you I don't do them) is that there have been cases ( many in the securities industry) where unscrupulous attorneys have gone searching for violations even worse some attorneys and and or plainffs have in essence created the injury for which they filed the class action

The intened purpose of a class action is actually a pretty good on. The intent is to prevent small frauds or violations of the law which it would normally not be worth persuing. For example I rember a class action involving a Large national insurance company which sold whole life insurance policies guranteeing that in 10 years it would have a cash value of either a set figure or it would be sufficient to pay the policies premiums for the remainder of the policy (The facts may have been some what different but thats how I recall it) Of course after 10 years the numbers just weren't there. They wanted something like 6 months more premiums.

I think the loss to the policy holder I know was between $400-$500.

In another a large bank shafted people using thier debit cards. John would buy $25.00 of gas for his car ($50.00 in todays money) and the bank would put a "hold" on something like $40.00s of the money in Johns account for 2-3 days casing poor John to bounce checks because he only deducted $25.00.

The choices are:

1) Just Fugedaboudit and let the insurance company and the bank continue their ripoff.

2) Allow a class action against the bank or Insurance Company. If the class attorney can't make a good amount of money they aren't going to take the case and the perpitrator will just get away with thier screwjob.

I remember in one of the Superman movies. Richard Prior was working as a data entry guy for some company that was overcharging its customers 1/2 of a penny each. The customer only lost 1/2 a penny but the company made millions on the stolen 1/2 a penny. Its kinda like that.

 

[bbchien]

Thank you Adam, I understand this in theory. But what really bites is the lousy delivery rates to the plaintiff. Really, really lousy.

 

[Don Jones]

Its a letter I get in the mail periodically. Generally I hate the whole idea and throw them away "You have been identified as an owner of _________ vehicle and a member of the Class in the blahblahblah litigation. Fill out this form and return it to make your claim" etc.

Latest one is the VisaMC antitrust litigation:
www.inrevisacheckmastermoneyantitrustlitigation.com

If my business accepted their debit cards from 92-03 then I can claim a part of the $3B settlement they achieved.

a) bogus or not
b) if I throw it away, who gets my money, the lawyers, VISA/MC, other members of the class?
c) would you do it? (it asks for intimate business details including EIN and total sales for the past 12 years.)

Just threw mine in the trash Friday Dave, I have not taken debit cards using a pin pad so I would not have been included. Would have thrown it away anyway.
Don

 

[PoAdeleted5]

deleted.

 

[Keith Lane]

Dave in a legit class action the funds get divided between the plaintiffs, If there is a settlement fund of $100,000. and there are 100 plainfffs then each gets $1000. If there are only 50 plaintiffs they each get $2000.00 you get the idea.

This all seems good to me............
Until you remember that the FIRST $40,000 PLUS expenses (depositions, expert witnesses, document fees, courier charges, etc., etc., etc.) will not be part of the settlement to the plaintiffs. so let's say, that eats up another $20K. That leaves $40K to dvide between 100 plaintiffs. Now were talking about a whole lot less money. In a class action suit, most of the plaintiffs are pulled in after the complint has been lodged. They don't negotiate the fee structure of the attornies involved.
<rant> Our company provides expert testimony for many, many railroad clients, and I've seen it happen many times where the plaintiff got 10% or less from whatever settlement the plaintiff lawyers got from the RR because of the charges. Yet look at the billboards, and the Yellow pages (there are over 100 pages of attorney ads in the Atlanta directory) "WE DON'T WIN, YOU DON'T PAY!!!!". Unfortunately, it's the poorest clients who go for this, and they get to rehash some tragedy (usually the horrific death of a loved one) in their lives over and over all so the plaintiff lawyers can make a buck.
Also unfortunately, the RR's often do pay some kind of settlement just to SAVE money in the long run. (can you say negative reinforcement) The object of these plaintiff lawywers is not necessarily to get a day in court, but to make the defense against a "wrongful death" or some such, that the defendant has to offer money just to make them go away. And where does the money to cause the litigation expenses to rise to the point where the defendant settles just to save? Out of the settlement. Everybody wins! (except, of course the person who really suffered the loss in the first place) </rant>
Sorry, it's just that 7 1/2 years of watching this happen over and over has jaded me a bit towards the system.
Every likes to hate lawyers, till they need one. Then they want one that eats nails and spits rust.

 

[Ken Ibold]

Yet look at the billboards, and the Yellow pages (there are over 100 pages of attorney ads in the Atlanta directory) "WE DON'T WIN, YOU DON'T PAY!!!!". Unfortunately, it's the poorest clients who go for this, and they get to rehash some tragedy (usually the horrific death of a loved one) in their lives over and over all so the plaintiff lawyers can make a buck.

My wife used to be general counsel for a restaurant/hotel company with about 100 properties. It was routinely targeted by slip-and-fall professionals who made their living at it. Later it became fashionable to claim racism over bad service/hiring practices.

Before she joined the company, it would routinely settle these things for large sums, and the word got around. But Cathy played hardball with them if she thought the case was fraudulent. There was one case where the alleged victim was asking for $150K. It went to mediation. She said "$1,500." They said "$125K." She said, "We're done here." Packed up and left. Two days later, the plaintiff lawyer called and said they'd take $5,000. She said no. OK, we'll take the $1,500. She said, "that offer is no longer on the table." Never heard from them again.

Another time a guy was arrested for assaulting an employee (with whom he had or wanted a romantic involvement). Two months later he applied for a job at the same restaurant and sued for racial discrimination when he wasn't hired.

Where do they get lawyers to handle this crap???

 

[SCCutler]

My wife used to be general counsel for a restaurant/hotel company with about 100 properties. It was routinely targeted by slip-and-fall professionals who made their living at it. Later it became fashionable to claim racism over bad service/hiring practices.

Before she joined the company, it would routinely settle these things for large sums, and the word got around. But Cathy played hardball with them if she thought the case was fraudulent. There was one case where the alleged victim was asking for $150K. It went to mediation. She said "$1,500." They said "$125K." She said, "We're done here." Packed up and left. Two days later, the plaintiff lawyer called and said they'd take $5,000. She said no. OK, we'll take the $1,500. She said, "that offer is no longer on the table." Never heard from them again.

She's my hero, Ken.

Another time a guy was arrested for assaulting an employee (with whom he had or wanted a romantic involvement). Two months later he applied for a job at the same restaurant and sued for racial discrimination when he wasn't hired.

Where do they get lawyers to handle this crap???

Ken, it all derives from the legalization of lawyer advertising, the biggest pimple on the ass of the legal profession. Just MHO.

Next Gaston's, remind me to tell you and Cathy about my client who owned the bowling alley and concert arena and the plaintiff who claimed ADA violations at the arena when he attended the Sprinsteen concert. Too long to describe here, but my guess is that your bride will enjoy it.

Teaser: His (Plaintiff's) "deposition officer" was a titty-- err, umm, topless dancer. It just gets better from there.

 

[AdamZ]

Where do they get lawyers to handle this crap???

Same place they get the plaintiffs who want to file bougus claims or the expert physcians, engineers, construction gurus etc. who sell opinions that support a bad claim. It ain't nothin new and unique to the legal industry. Its the individual not the profession put a sleazy lawyer in jeans and a tool belt and he is a sleazy carpenter or visa versa.

Ken, it all derives from the legalization of lawyer advertising, the biggest pimple on the ass of the legal profession. Just MHO.
QUOTE]

No Argument there Spike. Problem is now depending upon your type of practice its almost financial suicide not to advertise. Heck now the docs are even advertising some big time. I think you will probably agree it has succeeded in turing a profession into a business.

 

[Ken Ibold]

Same place they get the plaintiffs who want to file bougus claims or the expert physcians, engineers, construction gurus etc. who sell opinions that support a bad claim. It ain't nothin new and unique to the legal industry. Its the individual not the profession put a sleazy lawyer in jeans and a tool belt and he is a sleazy carpenter or visa versa.

Absolutely. I agree with that 100%.

I get so discouraged over the lottery mentality that has developed in this country. "Something bad happened to me. It can't be my fault, so someone should make me rich."

 

[woodstock]

I agree with everyone here and thought I'd offer this up:

I read somewhere that in the case of coupon type settlements - this really is a win win for the attorneys AND the defendant...let's say they can claim a settlement of 3 million dollars, all in coupons (against which you have to buy something more, to even use them...)

they give out the coupons and get to write off 3 million from their taxes. odds are those coupons aren't going to be used up to the full 3 million, if at all, and, even if they are they are still selling whatever it is they do, in order to redeem them.

so who really gets helped out here?

 

[SCCutler]

I agree with everyone here and thought I'd offer this up:

I read somewhere that in the case of coupon type settlements - this really is a win win for the attorneys AND the defendant...let's say they can claim a settlement of 3 million dollars, all in coupons (against which you have to buy something more, to even use them...)

they give out the coupons and get to write off 3 million from their taxes. odds are those coupons aren't going to be used up to the full 3 million, if at all, and, even if they are they are still selling whatever it is they do, in order to redeem them.

so who really gets helped out here?

No one. Which is why the Texas legislature passed legislation mandating that counsel be paid in the same coin as the class members- if a class action settlement calls for coupons to the class members, well, counsel get paid in coupons, too (counsel paid cash and non-cash compensation in same proportion as class members).

 

[Ghery]

No one. Which is why the Texas legislature passed legislation mandating that counsel be paid in the same coin as the class members- if a class action settlement calls for coupons to the class members, well, counsel get paid in coupons, too (counsel paid cash and non-cash compensation in same proportion as class members).

Three cheers for the Texas legislature. I wonder if we could get that much intelligence in the Washington state legislature? Naw, that's asking an awful lot...

 

[Dave Siciliano]

No one. Which is why the Texas legislature passed legislation mandating that counsel be paid in the same coin as the class members- if a class action settlement calls for coupons to the class members, well, counsel get paid in coupons, too (counsel paid cash and non-cash compensation in same proportion as class members).

OUTRAGEOUS!! Treat attorneys like their clients are treated; how could anyone stand for this. (One certainly has been used to bending over!!)

Dave

 

[John J]

Some years ago I and many others were put into a "class" to sue a biotech company. I had bought a "Penny Stock" of a biotech company for 18 cents a share. Well loooooong story short I decided to go and get 100 shares of this company. 18 dollars worth of stock. Well the company got sold and yes there was some sort of class action suit. It took 4 years and I did get a check for 2.87. Amazing. I bet the attorneys got to fly the G-IVs which were the big deal at the time( late 1980s). I did take "A bath on the stock" I lost 15.13. but it was the principle. I learned a lesson that many of us have experienced. It pays to really do as much research as we can and become very wise in any actions that we do.

John