Compliance Week has this interesting article entitled "Class Action And 'Opt Out' Lawyers Duke It Out" about the continuing spat (what it dubs the "He-Said, He Said") between Bernstein Litowitz and Lerach Coughlin over whose clients fared the best in the WorldCom class action and opt-out litigation (previously discussed here). The article includes my "neutral observations":
Neutral observers say they are not surprised the two powerful law firms are sparring over the issue and trying to spin the analysis in their favor. Afterall, Lerach has been credited in general with getting dozens of institutions to opt out of the class-action.
"This is kind of the report card," asserts Bruce Carton, vice president of ISS of its Securities Class Action Services, adding, "calculating losses is an art, not a science."
Carton adds that it is important for future potential plaintiffs and would-be defendants to know whether the opt-out group fared better. "There will be another WorldCom one day," Carton adds, and the lead counsel and some outside counsel will be trying to make the case that they will fare better in a lawsuit or settlement.
And don't miss the "Bruce Carton Discount" offered in the upper-right corner of the article (not to be confused with the "Schrempp Discount").