Tuesday, June 22, 2010

Bachman v. A.G. Edwards update

You may recall the $60 million settlement that wasn't to which CCAF objected. Judge Angela T. Quigless approved the settlement and approved the $21.6 million award of attorneys' fees and costs without addressing any of the objections.

And if you ever hear a class action attorney tell you that what they really care about is "access to justice," you have my permission to laugh sardonically. The Bachman attorneys have asked the court to require any objector-appellants (each of whom have about $20 at stake) to post a $325,000 appeal bond—despite the fact that Missouri law does not permit such a thing. CCAF filed an opposition to the request (citing Professor Fitzpatrick's recent article disapproving of excessive appeal bonds), and I was in St. Louis yesterday to argue at the hearing. We will see whether CCAF gets to appeal the judgment or has to appeal an illegal appeal bond order.

1 comment:

  1. This was my response to the Bill McClellan article in STL Post-Dispatch 06.23.2010.

    I have been waging war on E Jones over these damn vouchers for two years and have realized no economic value from them. I have written letters and complained about the voucher scam, but received no real satisfaction on the class action settlement. They amount to plastic handcuffs (leeches got the gold handcuff) that keep you tied to the company and you must incur costs to use them. Costs will always exceed the voucher.

    I would like to discuss this matter with Ted Frank, copy to him my correspondence and give the judge some reasons to throw this AG Edwards sham out of court. It is a multifaceted ripoff devised by the leeches (Class Action Lawyers) for the leeches.

    Robert Plenge
    636 928 0336 h
    210 410 4747 c

    ps My 105 year old mother is facing the same worthless voucher situation with AGE (Wells Fargo) and I want better for her.