Um.
Settling a class action case means you don't have to try it. But does making peace also mean you don't have to turn all the square corners of the class action rule, the one we call 23?
It does. Kind of. At least to the extent it avoids trial problems. The kind that could
Say you bought a share of Enron stock before it belly-flopped into chapter 11. You paid too much for it, right? $90 or so. And when the belly-flopping took place, the market price for your share in the Greatest Company Ever fell to, oh, about $1. You lost around $89 bucks, right?
Maybe. In your
Caveat emptor, buyers of auction rate securities! The issuer's giving of notice that it might create the illusion of liquidity in an ARS auction defeats your claim that the issuer "manipulated" the auction market. Wilson v. Merrill Lynch & Co, Inc., No. 10-1528-cv (2d Cir. Nov. 14, 2011).