ShmoopTube
Where Monty Python meets your 10th grade teacher.
Search Thousands of Shmoop Videos
Tech Videos 99 videos
Are monopolies evil? Should they be regulated? Should they be illegal? Monopolies in and of themselves, are neither good nor evil. How they conduct...
What is a Country Basket (Index Fund)? Investing internationally can be a challenge, as foreign exchange, different accounting rules, time zones an...
What is the gold standard, besides the standard at which this video is judged? Hit play to find out.
Finance: What is a Class Action Lawsuit? 9 Views
Share It!
Description:
What is a Class Action Lawsuit? A class action lawsuit is one in which the plaintiffs of record represent a large group of parties claiming injury that might not have the resources or time to pursue the suit individually. Oftentimes, due to the size of the case, the lawyers representing the plaintiffs will work on a fatter contingency instead of a retainer.
- Social Studies / Finance
- Finance / Financial Responsibility
- College and Career / Personal Finance
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
- Finance / Personal Finance
- Courses / Finance Concepts
- Subjects / Finance and Economics
- Finance and Economics / Terms and Concepts
- Terms and Concepts / Ethics/Morals
- Terms and Concepts / Regulations
- Terms and Concepts / Tech
Transcript
- 00:00
Finance, a la shmoop. What is a class-action lawsuit? Okay there's a
- 00:08
class of victims wronged they took a drug that was supposed to grow hair on [People with beards looking angry]
- 00:14
their heads and it grew hair virulently only everywhere but their heads. All of
- 00:21
these victims gather their sufferings together and hire a team of lawyers who [Group of people putting money together]
- 00:26
then file as a class or group a lawsuit against the makers of that hair growth
Full Transcript
- 00:31
drug who wronged them. Well that class action is done so that each individually
- 00:36
wronged, hairy person, doesn't have to separately hire their own lawyer and
- 00:41
file the expensive paperwork and so on to seek justice they wouldn't have been [Each person paying a seperate lawyer]
- 00:46
able to seek justice if each of them had to foot the bill for the likely 812
- 00:52
dollars in damages each, that doesn't buy you even a decent cup of coffee at a [The group are given bills by their lawyers]
- 00:56
lawyer's office for an initial set of meetings these days, so yeah instead with
- 01:01
a class-action lawsuit everybody's one consolidated class of plaintiffs and
- 01:07
when the suit is settled well they all share collectively in the booty and [Group of people looking and holding their money]
- 01:11
let's just hope that booty has been thoroughly waxed. [Man getting his butt waxed]
Related Videos
GED Social Studies 1.1 Civics and Government
What is bankruptcy? Deadbeats who can't pay their bills declare bankruptcy. Either they borrowed too much money, or the business fell apart. They t...
What's a dividend? At will, the board of directors can pay a dividend on common stock. Usually, that payout is some percentage less than 100 of ear...
How are risk and reward related? Take more risk, expect more reward. A lottery ticket might be worth a billion dollars, but if the odds are one in...