Friday, November 14, 2008

Middlesex County Retirement System

The Middlesex County Retirement System in Massachussetts is the lead plaintiff in a class action lawsuit against Monster Worldwide, Inc. that, in my opinion, aids and abets plaintiffs' lawyers in their enterprise of having shareholders of corporations sue themselves to recover investment losses the shareholders have experienced and to have the shareholders make circular payments to themselves (that don't compensate for the losses because the shareholders are effectively making payment to themselves), all so that the plaintiffs lawyers can take a big cut and leave the shareholders all the poorer.

Our country is on the brink of its worst economic crisis in decades. Governmental retirement systems, including in my state of Alabama, as well as thousands of private pension plans, and millions of 401(k) owners, have collectively experienced trillions of dollars of losses in the financial markets, while plaintiffs lawyers are going around the country having shareholders sue themselves in order that the plaintiffs lawyers can collect hundreds of millions of dollars of fees for themselves.and make the shareholders, including such retirement systems, pension plans and 401(k) plans, all the poorer.

I think trustees and corporate sponsors should be screaming bloody murder.

We'll see.

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