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In re BankAmerica Corp. Securities Litigation

775 F.3d 1060 (2015)

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In re BankAmerica Corp. Securities Litigation

United States Court of Appeals for the Eighth Circuit

775 F.3d 1060 (2015)

Facts

Following the merger of two national banks, shareholders filed multiple securities-fraud class actions that were transferred to a federal district court in Missouri, where the court certified four plaintiff classes. The cases were settled, and after two distributions, a balance of more than $2 million remained. Class counsel for two of the classes motioned to end the case and to distribute cy pres the remainder of the settlement funds to a local legal-services organization. The district court granted the motion over the objection of Oetting, the class counsel for the other two classes. Oetting appealed and argued that the district court abused its discretion in ordering the cy pres distribution because a further distribution to the classes was feasible, and that the chosen cy pres recipient was inappropriate because it lacked any relation to the classes or the litigation.

Rule of Law

Issue

Holding and Reasoning (Loken, J.)

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