Saturday, October 24, 2009

Court strikes down Ameritrade settlement

$1.87 million in attorneys' fees for a worthless settlement will not be collected; Judge Vaughn Walker denied settlement approval.
From the perspective of the class, the worst-case scenario may be realized if following this denial of final settlement approval the case were to fail on dispositive motion. But in that event, class would end up essentially in the same situation it would be if final settlement approval were approved: with nothing. Because the purported benefits to the class do not warrant settlement approval, the court DENIES final approval of the proposed settlement.

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