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A Fiduciary Judge's Guide To Awarding Fees In Class Actions, Brian T. Fitzpatrick
A Fiduciary Judge's Guide To Awarding Fees In Class Actions, Brian T. Fitzpatrick
Vanderbilt Law School Faculty Publications
It is often said that judges act as fiduciaries for the absent class members in class action litigation. If we take this seriously, how then should judges award fees to the lawyers who represent these class members? The answer is to award fees the same way rational class members would want if they could do it on their own. In this Essay, I draw on economic models and data from the market for legal representation of sophisticated clients to describe what these fee practices should look like. Although more data from sophisticated clients is no doubt needed, what we do …
Jurors, Judges, And The Mistreatment Of Risk By The Courts, W. Kip Viscusi
Jurors, Judges, And The Mistreatment Of Risk By The Courts, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
A sample of almost 500 jury-eligible citizens considered a series of experimental situations involving accidents. The juror sample did not properly apply negligence rules, as their errors were particularly great for low-probability, large-loss cases. They also penalized corporations for undertaking corporate risk analyses that seek to trade off cost versus risk reduction benefits. Jurors' damages assessments were also more prone to error than were responses by a sample of state judges. Judges were less prone to erroneous risk beliefs and less subject to the zero-risk mentality.