I think that no class action lawsuit should be allowed to proceed unless the actual class members "plaintiffs" stand to gain at least $5000 each in damages.
A law like that would really eliminate a lot of this nonsense. I have been told I am a class member in plenty of class action lawsuits where my remuneration ended up being something like 25 cents in coupons, while the lawyers walk away with millions in legal fees.
In the last month, I have received at least 10 different mass class action lawsuits mostly dealing with pharmaceutical stocks - the speculation type for new drugs (they are gambles) but lawyers are making Hundreds of Millions of Dollars suing the research firms out of business! I haven't turned in any hoping that the companies can keep some of their money for more research!
I don't know if that helps anything or not.
You said, "that no class action lawsuit should be allowed to proceed unless the actual class members "plaintiffs" stand to gain at least $5000 each in damages."
I hope you meant that they actually suffered "damage" due to some intentional scam - and not normal market ups/downs or like in my case, failed gambles.
I just received my Halliburton lawsuit papers today - I glanced at them and saw a VERY large blackmail amount to the lawyers ----
Halliburton has NEVER done anything against me - nor have I lost money with their stocks - but according to these shyster scumbags, I DESERVE compensation - just like WELFARE!