The cy pres doctrine is that residual funds should be distributed to the “next best” use. In 2012, the Pennsylvania Supreme Court implemented new civil procedure rules directing how residual funds from class actions lawsuits are to be distributed, allowing the designation of 50% of the funds to the IOLTA Board or another organization that has a direct or indirect relationship to the objectives of the underlying class action or which promote the interests of the class.
For facilitating the designation of the discretionary portion of the residual funds to the PA IOLTA Board and Community Legal Services from recent class action settlements, we recognize the leadership and excellence of the following law firms:
•Barrack, Rodos & Bacine (Mark Rosen, Esq.), Philadelphia PA
•Donovan Axler, LLC (Michael D. Donovan, Esq.), Philadelphia, PA
•Feldman, Shepherd, Wohlgelernter, Tanner, Weinstock, Dodig LLP, (Alan M. Feldman, Esq.), Philadelphia, PA
•Francis & Mailman, PC (James Francis, Esq.), Berwyn, PA
•Kessler, Topaz, Meltzer & Check, LLP (Lee D. Rudy, Esq.), Radnor, PA
•Wohl & Fruchter LLP (Ethan D. Wohl, Esq.), New York, NY