Court rules suit’s only goal was fees for plaintiffs’ lawyers
The 7th Circuit Court of Appeals called a derivative shareholder lawsuit against Sears “an abuse of the legal system” with the “only goal … to be fees for the plaintiffs’ lawyers,” Reuters reports. Ted Frank, head of the Center for Class Action Fairness as well as a Sears stockholder, challenged the proposed settlement, arguing it would offer no real value for shareholders while paying $925,000 to lawyers.