Wednesday, April 14, 2004

A Pretty Price to Pay

Some attorneys have gathered a class of victims of vanity who spent too much on cosmetics. The defendant cosmetic companies (who sell their products at department stores) have been accused of overpricing. The companies have agreed to a settlement which would provide the "victims" with a coupon to receive a free product (probably worth $18-$25 retail) for a total of about $175 million. The attorneys? They'll get about $24 million.

Boy, I sure am glad those guys are protecting me from purchasing over-priced cosmetics!!!! They deserve their mansions, vacation homes and luxury automobiles, don't you think?

You can read all about it in this article, from which I've lifted the following quote:

"This settlement exemplifies a textbook class-action settlement abuse where the plaintiffs' counsel and defendants stand to receive considerable financial benefit and the class member would receive little or no meaningful compensation for their injuries," Mr. LeClair wrote. "This settlement is tantamount to a $24 million ad campaign," he wrote,alluding to the amount of fees the defendant companies have agreed to pay to the plaintiffs' lawyers.


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