David Logan discusses a series of corporate lawsuits filed in recent months by the City of Providence -- and how they might help the city's bottom line.
From GOLOCALPROV: "Could Providence Lawsuit Against Wall Street Giants Save City Pension Fund?" by Stephen Beale, GoLocalProv News Contributor
PROVIDENCE, August 14, 2014: From one of the world’s largest automakers to its largest stock market, Providence is taking some of the most iconic institutions of corporate America to court in a series of lawsuits that could net the city millions in winnings. [...]
A firm representing the city in two of the three lawsuits—against the Wall Street traders and General Motors—is Motley Rice, the South Carolina-based law firm that led the 46-state lawsuit against tobacco companies, leading to the $246 billion tobacco settlement in 1998, the largest of its kind in U.S. history.
“What you’re now seeing is an adoption of that strategy at the local level,” said David Logan, the former dean and current professor at the Roger Williams School of Law.
The strategy, in part, relies in using strength in numbers to force larger corporations to take their legal challenges seriously. It also involves going after companies with the deep pockets to pay out a substantial settlement or court judgment, according to Logan. “This never would have been thought of 50 years ago,” Logan said. “Maybe even 25 years.”
For full story, click here.