Class actions are in a class by themselves when it comes to generating multi-million dollar fees for lawyers.
Unfortunately, this is nothing new. But the recent settlement announced by plaintiffs’ lawyers driving the levee breach lawsuit brings this troubling trend to new heights.
Nearly 10 years after the class action litigation was filed, the lawyers and administrators will divvy up $7 million while victims who lost their homes and businesses to flooding in the aftermath of Hurricane Katrina will get less than $500 each.
In spite of the trial lawyers’ claims that they “took a beating” on this case, it is obvious who is benefiting from this settlement—and it is not the people.
This case is an astonishing example of class action lawyers doing what they do best: using lawsuits to create the illusion of relief that will ultimately do nothing more than increase their own bottom lines.
Read more about the settlement here.