Barnes v. FleetBoston Financial

Case # 01-cv-10395
Case Name Barnes v. FleetBoston Financial
Jurisdiction US District Court for MA
Summary

Lawsuit concerns actions taken by Fleet National Bank and BankBoston, following their merger. Following the merger, terms and conditions of bank customer accounts were changed but notice of these changes was not provided in compliance with relevant laws, including the Truth in Savings Act. 

Final Approval Date 06/14/2006
Result
  1. Final Approval granted.
  2. Objector Feldman (through Attorney Pentz - her son-in-law) appealed the Final Approval.
  3. Plaintiffs motioned for an appeal bond, which was granted by the Court in the amount of $645,111.60.
  4. Judge Gertner had strong language regarding repeat objectors, quoted here at length: "Repeat objectors to class action settlements can make a living simply by filing frivolous appeals and thereby slowing down the execution of settlements. The larger the settlement, the more cost-effective it is to pay the objectors rather than suffer the delay of waiting for an appeal to be resolved (even an expedited appeal). Because of these economic realities, professional objectors can levy what is EFFECTIVELY A TAX ON CLASS ACTION SETTLEMENTS, a tax that HAS NO BENEFIT TO ANYONE OTHER THAN TO THE OBJECTORS. Literally nothing is gained from the cost: Settlements are not restructured and the class, on whose behalf the appeal is purportedly raised, gains nothing...[B]y requiring objectors to post a bond that would cover the costs of losing the appeal, the burden of litigating frivolous appeals shifts to them instead of to the class. (emphasis added)" (see Order Granting Appeal Bond, page 2-3).
  5. Following the imposition of the appeal bond, Objector Feldman withdrew her appeal.
Dismissal of Last Appeal 09/08/2006
Attachments Docket Report.pdf
Amended Complaint.pdf
Preliminary Approval Order.pdf
Defendants' Response to Objections.pdf
Final Approval.pdf
Order Granting Appeal Bond.pdf
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Objection of Nancy Feldman

Objectors Nancy Feldman
Signers John J. Pentz
Attorneys John J. Pentz
Summary
  1. Recovery to the class is significantly less than what could be recovered by trial.
  2. Attorneys' fees are excessive.
  3. Claims process is overly burdensome.
  4. Cy pres recipients are not sufficiently linked to this lawsuit.
Attachments Objection of Nancy Feldman.pdf
Appeal of Objector Feldman.pdf
Motion for Appeal Bond.pdf
Memorandum in Support of Motion for Appeal Bond.pdf
Feldman Response to Motion for Appeal Bond.pdf
Reply to Feldman Response to Motion for Appeal Bond.pdf
Order Granting Appeal Bond.pdf
Pentz Letter Regarding Order for Appeal Bond.pdf
Dismissal of Feldman Appeal.pdf
Feldman Appeal Docket.pdf
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Objection of Colman M. Herman

Objectors Colman M. Herman
Signers Colman M. Herman
Attorneys
Summary
  1. Cy pres distributions are improper.
  2. Claims process is overly burdensome.
  3. Paying the administrative costs for settlement administration is improper.
  4. Attorneys' fees may be excessive.
Attachments Objection of Colman M. Herman.pdf
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Objection of David Miller

Objectors David Miller
Signers David Miller
Attorneys
Summary
  1. Attorneys' fees are excessive.
Attachments Objection of David Miller.pdf
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Objection of Victoria Wolfson

Objectors Victoria Wolfson
Signers Eric P. Finamore
Attorneys Eric P. Finamore
Summary
  1. Settlement does not contain the best possible recovery for the class.
  2. Attorneys' fees are excessive.
Attachments Objection of Victoria Wolfson.pdf
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