DC District Court Certifies Class Action For Settlement Purposes

Plaintiffs initiated this RICO action against directors and employees of Riggs Bank alleging money laundering, wire fraud, and mail fraud.  Parties reached a settlement in June 2005 which plaintiff accepted on behalf of a putative class.  After receiving preliminary certification and notifying class members, the plaintiff requested final approval of the settlement and class certification.  The court certified the class, finding that the requirements of 23(a) and (b) were met and noting that "settlement-only" certifications were becoming a prominent feature of federal class action practice.  The court also approved the settlement, finding it met the standard embodied in rule 23(e), and granted attorney's fees of 22%.  Freeport v. Allbritton, 2006 U.S. Dist. LEXIS 9710 (D. D.C. Mar.13, 2006).  - L.C.