Class Action Scam

I wrote a few days ago about my great windfall in the classmates.com settlement.Now I have a Notice of Pendency in a Class Action against MFS Funds. This one seemed significant:

Plaintiffs have now reached Settlements that will resolve the claims asserted in the securities class, ERISA class and derivative actions pending in the MFS Sub-Track of MDL - 1586. The proposed Settlements provide for a total payment of $75,042,250 in cash plus interest, funded on behalf of seven separate groups of defendants. You may have already received a copy of the Mailing Notice describing the proposed Settlements that the Court ordered to be mailed to class members. The Long-Form Notice explains in more detail the important facts and terms of the Settlements.

W00T! The only problem - the average recovery per share is between $0.0007 and $0.2057. I will need to put off buying that new Ferrari.

Make a guess at who gets the real payday on this one. Yep, the attorneys get fees not to exceed 15% of the gross plus expenses not to exceed $630,000 plus additional fees of 1.25%. All not to exceed 17.09% of the average recovery per share. Of course, these are only estimates.