Sunday, May 09, 2004

Antitrust News: Looters' Paradise

Oh, savor the delicious irony (Hit tip to How Appealing):

Poor Lloyd Constantine.

The New York lawyer should still be celebrating last May's $3 billion settlement of a landmark case against Visa USA Inc. and MasterCard International Inc., one of the largest antitrust awards in U.S. history. Mr. Constantine represented retailers, led by Wal-Mart Stores Inc., that sued the card companies for forcing stores that accept credit cards to pay surcharges to accept debit cards. His firm, Constantine & Partners, requested fees of roughly $600 million.

But almost a year later, instead of savoring victory, Constantine & Partners is having trouble getting paid. A handful of lawyers known as "objectors" have swooped down on Mr. Constantine's case. Objectors are attorneys who earn fees by challenging settlements, usually arguing to lower the fees requested by other attorneys in successful class-action settlements. [WSJ]
Correct me if I'm wrong, but isn’t there this novel in which the looters who destroy America’s producers get looted themselves??? I think there was a lot of speeches and philosophy in it too . . .

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