Volkswagen Class Action Ruling: Bad Deal for Consumers
CEI’s Center for Class Action Fairness is disappointed by the U.S. District Court for the Northern District of California’s approval today of the Volkswagen class action settlement because it provides zero marginal benefit for the class. CEI attorney Anna St. John, who argued against the settlement approval before the court in San Francisco last week, stated:
This $10 billion settlement is a bad deal for consumers—the actual value to consumers will be far less than that and would have been available to consumers even without this class action settlement. What’s worse is how inadequately the plaintiffs’ attorneys represented their clients in this case. Class counsel violated their fiduciary duty by misinforming and ultimately duping 475,000 class members into a settlement that will potentially pay their attorneys hundreds of millions of dollars for providing them next to nothing. These dollars should be going to the class, but instead, the lawyers’ decision to structure the settlement with self-dealing gimmicks may have cost Volkswagen owners more than a billion dollars.
Judge Breyer adopted class counsel’s claim that the attorneys’ fees ‘will not diminish the benefits awarded to class members under the Settlement.’ But, as Judge Posner recognized in two Seventh Circuit decisions addressing precisely this question, this is an economic fiction that has no bearing on reality. Volkswagen is an economic actor with rational expectations, and the expected excessive attorney-fee request was baked into its reservation price and adversely affected what consumers received.
St. John is an attorney at CEI’s Center for Class Action Fairness. Read the Center’s objection to the Volkswagen settlement here.
CEI’s Center for Class Action Fairness represents class members against unfair class action procedures and settlements. Founded by Ted Frank in 2009, the Center has won millions of dollars for consumers and shareholders and won landmark precedents that safeguard consumers, investors, courts, and the general public.
Today’s ruling provides zero marginal benefit to the class, and is a bad deal for consumers.
Source: https://cei.org/content/volkswagen-class-action-ruling-bad-deal-consumers
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
