The prospect of a class action lawsuit is a scary thought for most financial institutions, one that conjures up horror stories of protracted litigation, astronomical legal bills and gigantic settlements. For most successful businesses, however, the question is not if, but when it will be the target of a class action. Remembering a few key tips can be the difference between potentially crippling liability, and an early and comparatively inexpensive victory.
1. Hire experienced class action lawyers
The importance of retaining counsel with experience defending class actions cannot be understated. Defeating certification is often the death knell for a class action and experienced class counsel can help frame the case so that the chances of certification are as slim as possible.
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