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Class Action Lawsuits: Firms
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The law firm of Outten & Golden LLP will seek to have the case certified as a class action that includes current and former female employees of Gristede’s. According to the Complaint, Gristede’s steers female job applicants into cashier and bookkeeper positions, while steering male applicants into clerk positions. The Complaint alleges that Gristede’s offers the clerks more opportunities for extra hours, full-time work, and promotion to management than it offers to cashiers and bookkeepers.
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Firms which report the results of class action cases estimate that recovery in securities class action cases is LESS THAN THREE PERCENT of the actual losses to investors! If one were to assume that 1,000 Kodak retirees lost, on average, $500,000, each may receive LESS THAN $15,000 according to this average.
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"It may be a year or two before we see if this is a blip or a fundamental change," said Bruce Carton, vice president of Securities Class Action Services, a unit of proxy advisory firm Institutional Shareholder Services. "To the extent there are cases that can be brought, other firms will fill that void."
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Fortunately, individual claims filed by investors have fared better than class actions. Although the mandated securities arbitration process investors must use to recover from brokerage firms is another subject of concern for those who fight for investors, it does offer a fighting chance of success.
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