Wednesday, January 25, 2012

TMQ

If you're not reading ESPN's weekly TMQ then you're missing out.  And if you're thinking about starting now, you're pretty much out of luck - as this column/blog/content is only updated during football seaons.  And, sure, it's mostly football related but author Gregg Easterbrook almost always adds a piece about the state of the world or political corruption or just interesting stories.  This one for example, that I thought was worth passing on:

"Another Class-Action Swindle? TMQ has written items on class-action lawsuits that appear on paper to be victories for consumers, but mainly benefit lawyers. The settlements might pay huge sums to plaintiff's counsel and little or nothing to the supposed class of victims, while allowing a corporation to shed liability. (Presumably the offending behavior is stopped.) In some class-action suits, the corporation that appears to "lose" and the tort attorneys who say they are "standing up for the little guy" appear to be cooperating for the purpose of shafting the little guy.
The latest suspicious class-action settlement is noted by reader Sterling Crockett of Bothell, Wash. The proposed settlement appears to be a victory for anyone who bought a ticket from Ticketmaster using its website. As Crockett notes, the lawyers will receive up to $16.5 million and people who bought tickets get a $1.50 discount on a future Ticketmaster purchase. (Click on "settlement agreement.") So the lawyers receive a mere 11 million times as much as any one of the victims! Like many class-action suits, one must actively opt out. If a Ticketmaster customer does nothing -- or never hears the litigation occurred -- his or her standing to sue Ticketmaster is voided.
Basically the proposed settlement has the company paying some lawyers a tax-deductible $16.5 million to shed its own customers' rights, and the "award" to the victims requires them to make future purchases from the company."

Update:  As John mentioned a link to the article is probably appropriate.  Thank you for the feedback.  (As noted, this is an ongoing "column" and each new article will have a different link.)

1 comment:

  1. if you're gonna quote an article - you should probably link to it...

    ReplyDelete