Thursday, December 4, 2008
Beck/Hermann of Drug and Device Law summarize a letter from John Beisner (O'Melveny) commenting on the new ALI Draft Principles of Aggregate Litigation. Beisner's objections to class actions are all well made. I would add that pinning the claims of an entire class and the fate of an entire industry on a single class-action jury verdict is bad policy, in light of the evidence of verdict variability -- as I argue in a forthcoming Temple Law Review article. Rather, I would favor the collective wisdom of multiple individual-plaintiff juries as a more reliable method to price claims for far-reaching settlements that also achieve the efficiency sought by class actions.