According to new research from Western Alliance Bank Settlement Services, cy pres settlement, objectors, quick-pay provisions and the Rule 23 amendments are some of the most impactful aspects of class action litigation—and perspectives on these issues are surprisingly nuanced.
On two of the most vital aspects—cy pres settlements and objectors—attorneys, judges, mediators and claims administrators showed there may be more consensus than displayed during the often fervent discourse around these issues.
The findings—featuring 11 in-depth interviews and an online survey of 155 attorneys, judges, mediators and claims administrators—revealed the complexities that industry stakeholders grapple with concerning these issues.
The report addresses many key topics, including:
When should cy pres settlements be considered, and what should be the primary goal?
What role do objectors play between good-faith and bad-faith objections?
Quick-pay provisions are gaining favor, but what are the biggest concerns?
Why are the Rule 23 amendments growing more popular, and which further adjustments are top-of-mind?
Learn more about the essential findings and how these industry sentiments can shape the future of class actions.
Western Alliance Settlement Services, a national banking group within Western Alliance Bank, Member FDIC, specializes in banking for law firms, claims administrators and related businesses managing class action, mass tort and bankruptcy settlements across the country. Relationship bankers bring clients years of experience and offer outstanding service to support all phases of the settlement process, from escrow to distribution, with a single point of contact. As part of $65 billion Western Alliance Bancorporation — ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director — the Settlement Services group has the reach, resources and deep industry knowledge that make a difference for customers.