In its recent decision, Wyly v. Weiss1 the U.S. Court of Appeals for the Second Circuit, deciding an issue of first impression, held that the determination that a class settlement was fair and reasonable precluded former class plaintiffs from pursuing a legal malpractice action against class counsel. Its ruling, some may say, forecloses altogether any subsequent malpractice action against former class counsel. This article examines the Second Circuit’s decision in Wyly and discusses the different inquiries surrounding counsel’s performance in federal class actions and state malpractice cases.
Controversy in ‘Wyly’
The Securities Class Action and Related Settlement. The controversy underlying Wyly has a long, tumultuous, and frankly dramatic historya history that spanned the course of 14 years and involved at least seven law firms.
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