Bid To Curb Legal Fees Shot Down In US Senate

Law360, New York (March 11, 2009, 12:00 AM EDT) -- An amendment designed to curb contingency legal fees for lawyers who bring Truth in Lending Act actions on behalf of state attorneys general was shot down Tuesday by a 64-32 vote in the U.S. Senate.

Sen. John Cornyn, R-Texas, introduced the amendment, which was designed "to prevent collection of excessive contingency legal fees by lawyers hired to protect the public interest." Cornyn's office further described the amendment Wednesday as a way to "prevent trial lawyers from receiving windfall contingent fees from lawsuits that should benefit taxpayers."...
To view the full article, register now.