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Pastimes : Investment Chat Board Lawsuits
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To: Jeffrey S. Mitchell who wrote (7358)2/17/2005 11:24:04 PM
From: Jeffrey S. Mitchell  Read Replies (1) of 12465
 
Even though I have great sympathy for people who get scammed by publicly traded companies and, in general, would not be in favor of any legislation that would make class action lawsuits harder to bring, I still support the Class Action Fairness Act. First off, lawyers are skilled at seeking out communities where local juries are famous for returning outrageous damages. This won't happen as much at the federal level. Second, as we well know, the vast majority of this large pool of money goes to the lawyers since most of the class never bothers to collect the piddling amount that makes up their share. And third, as pertains to scam penny stocks, good luck getting a penny out of them in a lawsuit-- just ask the SEC. So, at least from everything I've heard or read, the Class Action Fairness Act looks to be something that both Democrats and Republicans can support.

- Jeff
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