The Law: Taking Mass from Class

"Class actions have sprouted and multiplied like the leaves of the green bay tree," groused Federal Appeals Judge Harold Medina in 1973. He had just heard one of the numerous appeals that have marked the course of the undisputed king of mass class actions: the complex lawsuit brought by New York Shoe Salesman Morton Eisen on behalf of all persons who had bought or sold odd lots of stock (less than 100 shares) on the New York Stock Exchange between 1962 and 1966. Last week, eight years after Eisen was first filed, the Supreme Court handed down a final ruling...

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