CHICAGO – On June 26, the Supreme Court issued its opinion in California Public Employees’ Retirement System v. ANZ Securities, Inc., 582 U. S. ____ (2017), resolving a split of authority when it ruled in a 5-4 decision that California Public Employees’ Retirement System’s (“CalPERS”) complaint was untimely after CalPERS opted out of a putative class only to later file its own complaint alleging the same claims more than three years after the relevant transactions…
By reversing a previously approved class action settlement, the Seventh Circuit’s holding in the recent case of Eubank v. Pella Corp., 2014 U.S. App. LEXIS 10332 (7th Cir. Ill. June 2, 2014) illustrates the potential ethical and practical dangers of negotiating class action settlements with overly self interested class counsel. Calling the settlement “inequitable—even scandalous,” (Id. at 9) Judge Richard Posner roundly criticized the purported $90 million settlement agreed to by Pella, a window manufacturer,…