Alaska salmon fishermen will get less about $2100 each, while defense and plaintiff lawyers share $30 million in a salmon price-fixing settlement approved last week by the district court judge. It’s all on the up and up, but it doesn’t mean we have to like it. See law.com NewsWire (02-09-04), which points to an AP article (02-06-04). (Alakayak v. British Columbia Packers, Alaska Super. Ct., No. 3AN-95-4676-CI),
The $40 million damages pot was produced when some defendants settled early to avoid the risks of trial. However, plaintiffs’ counsel ended up losing soundly at trial. At that point, Alaska Gov. Frank Murkowski attempted to prevent class counsel from receiving any of the $16 million fee proposed in the settlement agreement, saying.
“The fees should be shared by those who have been hurt by this exercise in poor judgment, namely the fishermen and the processors. This lawsuit has had a devastating impact on our markets, particularly in Japan. It will take a significant, concentrated effort to rebuild what has been lost.”
I’m looking forward to Walter Olson continuing to grill this one.