Thursday, May 26, 2005

Class action madness

Clayton Lee (a law student, but we won't hold that against him - he hasn't fallen to the dark side yet.) reports on opening his AMEX bill to find :

...a credit of 41 cents. The description read: "CLASS ACTION SETTLEMENT/BOEHR". Times like this that I'm so grateful we have trial lawyers in our country who are ever dedicated to the pursuit of justice.
This was settled for $8,200,000 of which, $3,000,000 for Attorneys’ Fees plus a proportional share of net interest on the Settlement Contribution. $10,000, to Plaintiff Mr. Boehr. "Proportional share of net interest"- I'm willing to bet that amounts to at least a few hundred thousand more. And all for the sake of a few cents per cardholder. How many dollars did this cost each cardholder in increased interest and fees that AMEX used to pad the bottom line against just such lawsuits?

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