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Global | Publication | April 20, 2018
New York CPLR Rule 908 requires court approval for class action settlements: “A class action shall not be dismissed, discontinued, or compromised without the approval of the court.” The role of the court is to judge independently whether the settlement is fair, reasonable and in the best interest of the class members.
During the 1980s and 1990s, New York courts routinely approved non-monetary class action settlements. More recently, concerns have arisen that courts serve as no more than a “rubber stamp” for collusive settlements of meritless class actions where the real benefit is the payment of attorney fees to class counsel, prompting reconsideration of the judiciary’s role in approving such settlements.
Publication
An enduring merger control trend is the authorities’ greater focus on parties’ internal documents, and the related risk of penalties and delays to reviews where parties fail to submit complete responses to RFIs or provide incomplete or misleading submissions.
Publication
An increasing challenge for M&A parties is identifying where their deals will be reviewed in a context where merger control authorities are finding new ways to take jurisdiction over transactions falling below traditional (usually turnover-based) notification thresholds
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