Acrimony Develops Over $380M in Unspent Settlement Funds


Wilber Boies, who has argued for legal aid groups seeking to benefit from Cy Pres awards in class actions, said courts increasingly scrutinize proposals on Cy Pres funding to new entities that create more distance between class members and their settlement money. Mr. Boies noted that the Facebook case challenging such awards had become “shorthand for the problems that you have by creating these new foundations. There are more objections that are being taken more seriously by district courts and courts of appeals.”