Thursday, October 20, 2011

Franklin Templeton mutual fund settlement

The attorneys have asked the court to approve a settlement that would give the attorneys $2.142 million and the class $2.27 million. (Good luck finding out that information anywhere on the settlement website.) This violates the plain language of the PSLRA; Fred and Fran Smith have objected, and I have agreed to represent them at the fairness hearing in Baltimore October 25.

In this case, as in so many PSLRA settlements, the parties have structured notice so that there is next to no way for most class members to have time to object. I'm interesting in hearing from people who get postcards or other mailings about bad class action settlements that arrive less than a week before (or, often after) the objection deadline.

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