A Game-Changer For Cy Pres Funds In Class Settlements

Law360, New York (February 26, 2013, 12:24 PM EST) -- On Feb. 19, 2013, the United States Court of Appeals for the Third Circuit vacated a district court order approving a class action settlement, holding that a district court must specifically determine that a claims-made settlement incorporating a cy pres fund provides sufficient direct compensation to class members before granting final approval. See In re Baby Prods. Antitrust Litig., Nos. 12-1165, 12-1166, and 12-1167, – F.3d –, rev’g 834 F. Supp. 2d 329 (E.D. Pa. 2011). To make such a determination, the Third Circuit reasoned, a...
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