I think class actions, in theory, serve a good purpose. But they can be badly warped. A company that created $100M of harm to 100,000 people, has caused $1000 of damage to each person. A class action is appropriate.

But then the attorneys for the class agree to settle the case for $20M, of which they take $10M in attorney fees. So the company gets to keep $80M of wrongful profit, the attorney gets $10M in an easy settlement, and the people who should be getting $1000 or close to it, instead get only $100. Almost never will the judge refuse to approve the settlement, despite the inequity. This smells all wrong.

At the outset of a class action could we force various firms to auction themselves, and the lowest bidder gets the case? That would reduce exorbitant attorney fee awards.

To cure the other issue, too small settlement sizes, could we also create some sort of reverse auction as to the size of any settlement, such that the attorney promises they won't go below a fixed sum to settle, and will otherwise promise to go to trial?

What do you think of this idea or comment?
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I disagree