Uncovering the Hidden Conflicts in Securities Class Action Litigation: Lessons from the State Street Case

Courts, Congress, and commentators have long worried that stockholder plaintiffs in securities and M&A litigation and their counsel may pursue suits that benefit themselves rather than absent stockholders or the corporations in which they invest. Following congressional reforms that encouraged the appointment of institutional stockholders as lead plaintiffs in securities actions, significant academic commentary has focused on the problem of “pay to play”—the possibility that class action law firms encourage litigation by making donations to politicians with influence over institutional stockholders, particularly public sector pension funds. A recent federal securities class action in the District of Massachusetts, however, suggests that the networks of influence between class plaintiffs and their counsel are much more complex and difficult to detect. After appointing a special master to look into fee issues, the court discovered that a large class action firm had paid over $4 million in “bare referral” fees to an attorney who did little work on the case but had recommended the larger firm to a public sector pension fund “after considerable favors, political activity, money spent and time dedicated in Arkansas.” This is only one of the less-visible ways that class counsel may route benefits to class plaintiffs. Current class action processes do not routinely identify these potential conflicts of interest. Instead, they tend to surface when nonlitigants bring them to public attention. Because neither the lead plaintiff nor the defendants have a strong incentive to voluntarily address these conflicts, we propose revisions to the class certification process that would require class plaintiffs to disclose more information regarding their relationships with class counsel. We also propose that courts routinely appoint special masters or class guardians as part of the settlement approval process to ensure that class plaintiffs’ statements are subject to discovery and adversarial review

Objections to Disclosure Settlements: A How-To Guide

Stockholder litigation remains in crisis, with over seventy percent of major mergers and acquisitions subject to litigation. A contributing factor is the breakdown of the adversary process at settlement, when former opponents join hands in favor of a compromise that too often expends corporate resources for no real recovery to the plaintiff class. One obvious corrective is the shareholder’s objection to settlement, which restores adversarial character to the settlement process. Shareholders, however, face substantial difficulties in making such objections. In this article, the authors detail the problem and share their experiences in addressing these obstacles, providing a how-to manual for future shareholder objections to class action settlements in merger litigation

Analysis and design of optimized truncated scarfed nozzles subject to external flow effects

Rao's method for computing optimum thrust nozzles is modified to study the effects of external flow on the performance of a class of exhaust nozzles. Members of this class are termed scarfed nozzles. These are two-dimensional, nonsymmetric nozzles with a flat lower wall. The lower wall (the cowl) is truncated in order to save weight. Results from a parametric investigation are presented to show the effects of the external flowfield on performance

Systems validation: application to statistical programs

BACKGROUND: In 2003, the United States Food and Drug Administration (FDA) released a guidance document on the scope of "Part 11" enforcement. In this guidance document, the FDA indicates an expectation of a risk-based approach to determining which systems should undergo validation. Since statistical programs manage and manipulate raw data, their implementation should be critically reviewed to determine whether or not they should undergo validation. However, the concepts of validation are not often discussed in biostatistics curriculum. DISCUSSION: This paper summarizes a "Plan, Do, Say" approach to validation that can be incorporated into statistical training so that biostatisticians can understand and implement validation principles in their research. SUMMARY: Validation is a process that requires dedicated attention. The process of validation can be easily understood in the context of the scientific method

Experimental evaluation of two turning vane designs for fan drive corner of 0.1-scale model of NASA Lewis Research Center's proposed altitude wind tunnel

Two turning vane designs were experimentally evaluated for corner 2 of a 0.1 scale model of the NASA Lewis Research Center's proposed Altitude Wind Tunnel (AWT). Corner 2 contained a simulated shaft fairing for a fan drive system to be located downstream of the corner. The corner was tested with a bellmouth inlet followed by a 0.1 scale model of the crossleg diffuser designed to connect corners 1 and 2 of the AWT. Vane A was a controlled-diffusion airfoil shape; vane B was a circular-arc airfoil shape. The A vanes were tested in several arrangements which included the resetting of the vane angle by -5 degrees or the removal of the outer vane. The lowest total pressure loss for vane A configuration was obtained at the negative reset angle. The loss coefficient increased slightly with the Mach number, ranging from 0.165 to 0.175 with a loss coefficient of 0.170 at the inlet design Mach number of 0.24. Removal of the outer vane did not alter the loss. Vane B loss coefficients were essentially the same as those for the reset vane A configurations. The crossleg diffuser loss coefficient was 0.018 at the inlet design Mach number of 0.33

Detailed flow surveys of turning vanes designed for a 0.1-scale model of NASA Lewis Research Center's proposed altitude wind tunnel

Detailed flow surveys downstream of the corner turning vanes and downstream of the fan inlet guide vanes have been obtained in a 0.1-scale model of the NASA Lewis Research Center's proposed Altitude Wind Tunnel. Two turning vane designs were evaluated in both corners 1 and 2 (the corners between the test section and the drive fan). Vane A was a controlled-diffusion airfoil and vane B was a circular-arc airfoil. At given flows the turning vane wakes were surveyed to determine the vane pressure losses. For both corners the vane A turning vane configuration gave lower losses than the vane B configuration in the regions where the flow regime should be representative of two-dimensional flow. For both vane sets the vane loss coefficient increased rapidly near the walls

Experimental Evaluation of Turning Vane Designs for High-speed and Coupled Fan-drive Corners of 0.1-scale Model of NASA Lewis Research Center's Proposed Altitude Wind Tunnel

Two turning vane designs were experimentally evaluated for the fan-drive corner (corner 2) coupled to an upstream diffuser and the high-speed corner (corner 1) of the 0.1 scale model of NASA Lewis Research Center's proposed Altitude Wind Tunnel. For corner 2 both a controlled-diffusion vane design (vane A4) and a circular-arc vane design (vane B) were studied. The corner 2 total pressure loss coefficient was about 0.12 with either vane design. This was about 25 percent less loss than when corner 2 was tested alone. Although the vane A4 design has the advantage of 20 percent fewer vanes than the vane B design, its vane shape is more complex. The effects of simulated inlet flow distortion on the overall losses for corner 1 or 2 were small

Victair Mistifier Gearbox: Shafts and Bearings

The current global population is 7.2 billion. It is projected to increase by 1 billion over the next 12 years. There is only 5% of usable farming land left on earth. Food is a resource that humans must consume daily. These facts undeniably lead to a shortage of food in the future. It is essential to mankind survival that farming becomes more efficient and sustainable. This provided the motivation to design a more efficient transmission for the Victair Mistifier (orchard and vineyard sprayer). Victair Mistifiers are designed, engineered, and manufactured by H.F. Hauff Company in Yakima, WA. The Hauff Company’s commitment to manufacturing the best sprayer on the market accompanied with the desire to address sustainable farming, are the driving forces behind this project. The scope of the project is to design, develop, and test a gearbox that optimizes the overall function of the sprayer. The gearbox simplifies the overall design of the sprayer, by replacing 19 major components with 8. This design decreases material costs, increases manufacturability, and decreases assembly time. The gearbox receives power from the tractor’s power take-off (PTO) via the input shaft. It transmits the power through machine elements to two shafts that will power fans. The fans will spin in opposite directions at an equal, desired rotational speed. The transmission will be enclosed in an engineered metal casted housing. The gearbox design was proven, by the prototype, to perform to specifications while maintaining an oil temperature of less than 90 degrees Celsius.https://digitalcommons.cwu.edu/cwu_met/1022/thumbnail.jp