A.G. Edwards Class Action Settlement Questioned

In Bachmann v. A.G. Edwards, Inc. a $60 million settlement was recently announced.  However, it has come under fire because:

1. $34 million of the $60 million class action settlement is a so-called "coupon settlement" where the class gets nothing unless they give the defendant further business.
2. the attorneys are asking for 35%, or $21 million of the $60 million
3. the class action attorneys are asking for "quick pay" or immediate payment, even though the class benefits are delayed.

Will there be a mass of class action settlement objectors?  Stay tuned.

Related posts:

1. Federal appeals court nixes $21M Katrina class action settlement
2. 3rd Circuit overturns settlement class in community bank lending class action
3. Court approves $13.75 million settlement for Leap Wireless investors class action, 25% to go to attorneys