Class Action Extraction?

Jeffrey Haymond and James West

Public Choice, 2003, vol. 116, issue 1-2, 108 pages

Abstract: Class action lawsuits as a vehicle of rent extraction is developed as an extension of political/legislative rent extraction theory. An event study is performed on thirty firms in which a securities class action lawsuit is filed and subsequently resolved by retraction, settlement, or legal verdict. The data set is found to be consistent with rent having been extracted as a result of the class action lawsuit. Copyright 2003 by Kluwer Academic Publishers

Date: 2003
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