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Westlaw News

Judge in $590 mln Citigroup accord says 'next best' not needed for cy pres

A federal judge on Tuesday said $374,820 left over from a $590 million settlement with Citigroup Inc shareholders may be distributed to three nonprofit groups under the “cy pres” doctrine, even though they may not be the “next best” beneficiaries of the payout.

The decision by U.S. District Judge Sidney Stein in Manhattan is a defeat for Ted Frank, a prominent critic of class action settlements he considers unfair.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2b5QRni

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