Posted on 12/16/2009 7:24:44 PM PST by AtlasStalled
New York Attorney General Andrew Cuomo recently has been going after allegedly crooked investment consultants for bribing their way into doing business with the state's giant pension fund. However, Cuomo has stated that he won't be subjecting class action firms (from which he has reportedly received large campaign contributions) to similar scrutiny for similar behavior.
When properly motivated, I believe class action lawsuits provide necessary checks and balances in our financial system. But given how widely they're misused, I've also urged the Department of Justice to look into potential abuses. As it exists today, the marketing of class action legal services to public pensions is damaging both the participants in the funds and the taxpayers who underwrite them.
(Excerpt) Read more at forbes.com ...
Another crooked Rat. Whodathunk?
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