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Class-Action Pros and Cons
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George F. Will's Nov. 18 column, "Setting the Bar for Corruption," overlooked the fact that securities class-action lawsuits have been seminal in uncovering massive malfeasance at such companies as Enron, WorldCom, Tyco and Adelphia. These lawsuits, and the firms that bring them, provide access for individual investors who otherwise could not afford to hire counsel.
Mr. Will criticized the fees that the plaintiffs' law firms earned but did not address the fees of the lawyers hired to defend these companies. The truth is that whether it is the contingent fees earned on the investors' side or the $1,000 per hour earned by lawyers on the company's side, both sides need competent counsel.
Further, to suggest, as Mr. Will did, that companies settle these lawsuits simply to pay plaintiffs "to go away" is untrue. No corporate board would agree to pay billions in a settlement to avoid paying millions in legal fees. Companies carefully analyze the facts -- good and bad -- and make settlement decisions based on those facts.
Let us hope that Mr. Will has never invested in a company engaged in a pattern and practice of deceit.
WAYNE R. COHEN
Washington
The writer is a past president of the Trial Lawyers Association of Metropolitan Washington D.C.
