According to new research from Western Alliance Bank Settlement Services, cy pres settlement, objectors, quick-pay provisions and the Rule 23 amendments are some of the most impactful aspects of class action litigation—and perspectives on these issues are surprisingly nuanced.
On two of the most vital aspects—cy pres settlements and objectors—attorneys, judges, mediators and claims administrators showed there may be more consensus than displayed during the often fervent discourse around these issues.
The findings—featuring 11 in-depth interviews and an online survey of 155 attorneys, judges, mediators and claims administrators—revealed the complexities that industry stakeholders grapple with concerning these issues.
The report addresses many key topics, including:
When should cy pres settlements be considered, and what should be the primary goal?
What role do objectors play between good-faith and bad-faith objections?
Quick-pay provisions are gaining favor, but what are the biggest concerns?
Why are the Rule 23 amendments growing more popular, and which further adjustments are top-of-mind?
Learn more about the essential findings and how these industry sentiments can shape the future of class actions.
Western Alliance Settlement Services, a national banking group within Western Alliance Bank, Member FDIC, specializes in banking for law firms, claims administrators and related businesses managing class action, mass tort and bankruptcy settlements. This team of expert bankers brings clients years of experience and offers exceptional service to support all phases of the settlement process, from escrow to distribution, with a single point of contact. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation, with more than $60 billion in assets. The bank is #2 best-performing of the 50 largest public U.S. banks in the S&P Global Market Intelligence listing for 2021 and ranks high year after year on the Forbes list of “America’s Best Banks.” Serving clients across the country wherever business happens, Western Alliance Bank operates individually branded, full-service banking and financial services divisions and has offices in key markets nationwide.