Payment of Expenses in Securities Class Actions: Ethical Dilemmas, Class Counsel, and Congressional Intent

60 Pages Posted: 9 Jan 2003

Abstract

This paper considers the law and economics of legal ethics rules in certain states that purport to prohibit an attorney from advancing costs and expenses of litigation with repayment by the client contingent on success of the case. The paper argues that these rules, to the extent they are otherwise effective, should not be enforced in the context of private securities litigation brought under the Private Securities Litigation Reform Act of 1995.

Keywords: litigation, expenses, ethics, class actions

JEL Classification: K41

Suggested Citation

Miller, Geoffrey P., Payment of Expenses in Securities Class Actions: Ethical Dilemmas, Class Counsel, and Congressional Intent. NYU Law Center, Public Law Research Paper No. 52; and NYU, Ctr for Law and Business Research Paper No. 02-10. Available at SSRN: https://ssrn.com/abstract=361081 or http://dx.doi.org/10.2139/ssrn.361081

Geoffrey P. Miller (Contact Author)

New York University School of Law ( email )

Center for the Study of Central Banks
40 Washington Square South
New York, NY 10012-1099
United States
212-998-6329 (Phone)
212-995-4590 (Fax)

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