seeking alpha article Collectors Universe - A Scandal Waiting To Be Exposed

[steve B]

Originally Posted by Peter_Spaeth

Sorry. One of several requirements to maintain a class action is that common issues must "predominate" over individualized ones. Translated, that means roughly that you need to be able to establish liability towards the entire class by common proof and each plaintiff doesn't have to present his or her case. For example, everyone who bought the stock is injured if the company issued false financials and inflated the stock price. Each member of the class was hurt in the same way because the drug was inherently dangerous, or the car had a manufacturing defect.

But if the question is were people hurt because PSA failed to catch altered cards, or stiffed people on the guarantee, or was bad at grading, that feels to me like each and every person would have to show that on a case by case/card by card basis, even if there was an overall pattern. Just showing the pattern doesn't prove YOU were wronged. You would need to show that YOUR card was misgraded or altered or that YOU were stiffed on the guarantee. If that's the case, individualized issues "predominate" over common ones. If the case has to proceed as a boatload of mini-trials, it doesn't warrant class treatment.

Somewhat simplified but that is the idea.

Thanks!

Simplified is probably best for us non- lawyers...

[Peter_Spaeth]

Originally Posted by steve B

Thanks!

Simplified is probably best for us non- lawyers...

Any time. People who don't know the law love to throw around the prospect of class actions but sometimes it isn't that simple.

[calvindog]

Originally Posted by Peter_Spaeth

Any time. People who don't know the law love to throw around the prospect of class actions but sometimes it isn't that simple.

Keep trying, counselor.

[Peter_Spaeth]

Originally Posted by calvindog

Keep trying, counselor.

LOL I get it.

[steve B]

Originally Posted by Peter_Spaeth

Any time. People who don't know the law love to throw around the prospect of class actions but sometimes it isn't that simple.

It's always good to know real experts, especially people who can simplify complex things in specialized areas.

I have a friend/acquaintance who ended up becoming an "expert" in private radio/tv antennas. When she was a new lawyer she got handed a case where a good client of the firm had put up a 40ft ham radio tower in his backyard and the HOA wasn't happy. She checked a few things, told him she might be able to save the tower, but it could be very expensive, so how far was he willing to go. He gave her a pretty shocking number as a probable limit to the cost. (I think it was something like 5 million!)
Using that she approached the HOA and said they would probably win, but he was willing to go as far as $X to fight it and the choice was theirs.

Tower approved!

Then they started getting requests from his also rich radio friends... So she became the go-to person for radio antennas in backyards.

[kateighty]

All very well said Peter!