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Cy Pres: Is It the Land Mine Waiting to Blow Up Your Settlement

CY Pres: Is it the land mine waiting to blow up your settlement?

[vc_row triangle_shape="no"][vc_column][vc_column_text] A cy pres award or distribution is derived from the French saying of “cy pres comme possible” (meaning “as near as possible”).  Cy pres awards are utilized, albeit less often these days, in connection with class action settlements to provide for the distribution of unclaimed settlement funds or where the amount of the individual class benefit is too small to justify a direct distribution to each member of the class.  By way of example, in cases where the settlement benefit to the class is comprised primarily of injunctive relief (i.e., changes to a product’s labeling), the settlement fund may not be large enough (despite it being a million dollars) to justify distributing 25 cents to four million class members across the country.  Or, when a portion of the settlement fund is unclaimed, it may make sense to distribute the unclaimed portion to a charity or other organization, chosen by...

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Keep Up Already! 3 Quick Graphics Demonstrate the Rapid Evolution of the TCPA’s ATDS Landscape

[vc_row triangle_shape="no"][vc_column width="2/3"][vc_column_text]By Eric J. Troutman, Squire Patton Boggs (US) LLP   As we recently reported on TCPAWorld.com, the Sixth Circuit Court of Appeals has now entered into the fray and held that the TCPA’s ATDS definition applies to dialers that call (or text) from a list of numbers automatically, at least when the dialer is being used in automatic fashion.  Previously the Sixth Circuit was an “undecided” jurisdiction. We’ve also seen similar big developments at the district court level in the Fourth and Eighth Circuit Court of Appeals footprint recently. So how big–and bad–are these changes for TCPA defendants? Let’s look at the visualizations. The original heatmap we prepared as part of the Squire Patton Boggs 2019 TCPA Year End Review, shows much of the country still undecided. This map was prepared in February, 2020 – just five months ago. You’ll notice the Sixth Circuit was leaning red at the time but the Second Circuit was yellow:   FEBRUARY, 2020 [/vc_column_text][vc_single_image image="4576" img_size="full"...

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The Differences Between Traditional Litigation Funding and Litigation Asset Monetization

[vc_row triangle_shape="no"][vc_column][vc_column_text] Third-party litigation funding (“TPLF”) is a budding industry reshaping commercial litigation in the United States and abroad. Domestically, high-stakes antitrust, securities, intellectual property, business-contract, and other large-damages lawsuits almost certainly mean a protracted and costly litigation process, often to the point where the risk cannot be justified. This situation deters would-be plaintiffs from the commitment and prevents them from realizing the upside. While the opportunity cost can be substantial, many businesses can neither endure the uncertainty nor the possible exposure.  TPLF enables plaintiffs to take on well-funded defendants who may contest the lawsuit with seemingly inexhaustible resources. In turn, plaintiffs incur additional, unplanned expenses that strain corporate budgets. Ultimately, the only feasible way to litigate such a matter is to hedge the risk. Partnering with a litigation funder to shift the risk, namely the burden of legal fees and expenses, allows corporate plaintiffs to focus capital on core business avenues,...

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