Financial Services Industry
Industry: Email Alert RSS FeedDems divided on class action reform. (Litigation).(Class action legal reform, nationwide litigation against major insurance companies)(Government Activity)(Brief Article)
National Underwriter Property & Casualty-Risk & Benefits Management, August, 2002 by Brostoff, Steven
Top Senate Democrats are deeply divided over the issue of class action legal reform, with both supporters and opponents of reform legislation claiming to represent consumer interests. The split was highlighted during a Senate Judiciary Committee hearing last week on S. 1712, which would allow defendants in major, national class action lawsuits to have their cases heard in federal courts.
One of the primary sponsors of the legislation, Sen. Herb Kohl, D-Wis., insisted that no one can argue that the class action process is not in serious need of reform. "We have a simple story to tell," he said during the hearing. "Consumers are getting the short end of the stick in class action cases, recovering coupons or pocket change, while their lawyers reap millions."...
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