Plastic2Oil Inc (PTOI)

[Steady_T]

Yeah....."In what he called a “stinky” case, Strine complained at an October fee hearing about “mundane” disclosures touted as significant in an accord reached by the Faruqi firm."




Scenarios like the one played out at the July 2010 hearing in Wilmington are common in the Delaware court, the chief U.S. venue for mergers and acquisitions suits, Bloomberg Businessweek reports in its Feb. 20 issue. Of 57 such investor class actions settled or otherwise concluded there in 2010 and 2011, 40 -- or 70 percent -- made money for plaintiffs’ lawyers but not clients, according to data compiled by Bloomberg News.

“The greatest benefit is for the plaintiffs’ attorneys” in such litigation, said John C. Coffee Jr., a Columbia University professor who teaches securities law.

None of the 10 cases that New York-based Faruqi & Faruqi helped to settle during the two years produced cash for clients, according to court records. Legal fees in those 10 cases totaled $6 million, split among plaintiffs’ firms.


Even among the sad record of M&A lawsuits, Faruqi & Faruqi stand out. 10 for 10, no cash for clients.