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class action |
Also found in: Legal, Financial, Encyclopedia, Wikipedia, Hutchinson | 0.01 sec. |
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Class actions seeking more than $5 million in damages--instead of the previous $75,000 per class member--must be removed to federal court. This article reviews the current law on contingent fee awards in general and in class actions in particular, analyzes whether class action attorneys' fees should be included in the plaintiffs' gross income and provides some recommendations. Ohio Insurance Commissioner Lee Covington outlined the toll such lawsuits can take on a company "One of our class actions will result in hundreds of millions, if not billions, going from the marketplace," Covington said, "One company lost 10% of its surplus. |
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