Saturday, November 26, 2005

Class Action Lawsuit

A few days ago, I saw on CSPAN a forum of “progressives” (as the Left call themselves) which includes Kevin Drum. I saw nothing progressive about their agenda. There Kevin is selling his pet theory that class action law suit is a good thing. Kevin (I paraphrase) said that the reason class action law suit get a bad name is because of Republican propaganda. He argued that in class action law suit, 20 percents of the award go to the lawyers, and the other 80 percents go to the plaintiffs and it seems to be a fair way to compensate the damaged party.

Let take a closer look at this. And also let ignore Kevin error that the lawyer fee is 20 percent – it is 1/3 which is around 33 percents. Let say in a particular class action law suit, 10 million dollars is award to the plaintiffs. There are 200 plaintiffs and one lawyer. So one lawyer would get 2 million dollars and each plaintiff gets 400 dollars – 400 dollars versus 2 million dollars.

The consumers get such a great deal, why do we even need tort reform? Of course, the people who favor class action lawsuit only have the consumers’ interest in mind. Color me cynical.

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Let take a closer look at this. And also let ignore Kevin error that the lawyer fee is 20 percent – it is 1/3 which is around 33 percents.

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