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Auctioning Class Action Representation
The Journal of Law, Economics, and Organization ( IF 1.324 ) Pub Date : 2021-07-28 , DOI: 10.1093/jleo/ewab014
Alon Klement 1 , Zvika Neeman 2 , Moran Ofir 3
Affiliation  

Class actions feature severe agency problems, resulting from the divergence of interests between class members and the class attorney. This article proposes a novel mechanism for selecting the class attorney and aligning her interests with those of the represented class. The mechanism applies a combined percentage and hourly litigation fee structure, suggested by Polinsky, Mitchell A., and Daniel L. Rubinfeld. 2003. “Aligning the Interests of Lawyers and Clients,” 5 Am Law Econ Rev 165, in which lawyers earn a percentage of the class’ common fund, and bear the same percentage over their time investment. To maximize the expected payoff for the class, we supplement this fee structure with a preliminary two stages auction, in which the role of the lawyer is tendered using competitive bidding. We prove that the proposed auction approximates the highest possible net payoff for the class as the number of lawyers who compete for the right to represent the class increases. The percentage taken by the lawyer would be the lowest possible, and the winning lawyer would be the one who produces the highest expected net payoff for the class. We then extend the model to cases where the attorney files the class action is compensated for her pre-filing investment, and to settlements (JEL K41, K22)

中文翻译:

拍卖集体诉讼代表

由于集体成员和集体律师之间的利益分歧,集体诉讼具有严重的代理问题。本文提出了一种新的机制来选择集体律师并将她的利益与所代表的集体的利益保持一致。该机制采用 Polinsky、Mitchell A. 和 Daniel L. Rubinfeld 建议的综合百分比和每小时诉讼费用结构。2003 年。“协调律师和客户的利益”,5 Am Law Econ Rev 165,其中律师从班级的共同基金中赚取一定比例,并在他们的时间投资中承担相同比例。为了最大限度地提高课程的预期收益,我们通过一个初步的两阶段拍卖来补充这个费用结构,其中律师的角色是通过竞争性投标来投标的。我们证明,随着竞争代表班级权利的律师数量增加,提议的拍卖接近该班级可能的最高净收益。律师所占的百分比将是最低的,获胜的律师将是为班级产生最高预期净收益的律师。然后,我们将模型扩展到律师提起集体诉讼的案件,因为她的申请前投资得到补偿,以及和解(JEL K41、K22)
更新日期:2021-07-28
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