In the News Today – November 23, 2015
SEC In-House Judge’s Comments Further Fuel Criticisms of Bias in the System: According to a recent court filing, Judge Brenda Murray, the chief in-house judge for the Securities and Exchange Commission, last year “told eight stockbrokers to give up on the idea that she would toss the case against them without first holding a hearing.” She reportedly “explained to the brokers that the commissioners who run the SEC and approve all the civil charges filed by the agency don’t want its judges second-guessing them.” (Wall Street Journal)
Article Highlights Low Consumer Response Rates to Class Action Settlements: “In 2013, the law firm Mayer Brown conducted a study of outcomes in class action lawsuits for the U.S. Chamber of Commerce Institute for Legal Reform. ‘The bottom line: The hard evidence shows that class actions do not provide class members with anything close to the benefits claimed by their proponents, although they can (and do) enrich attorneys,’ the study authors wrote.” (WMAZ Channel 13 | Macon, GA)
Outgoing Louisiana AG’s TV Endorsers Paid Millions: Some attorneys who endorsed outgoing Louisiana Attorney General Buddy Caldwell (who lost his re-election bid this weekend) in TV commercials have received millions in state contracts that were approved by Caldwell himself. For example, Jefferson Parish District Attorney Paul Connick stars in a TV commercial for Caldwell, “but he never acknowledges that Caldwell approved $1.7 million in payments to his private practice.” (Louisiana Record)
