82 Tex. L. Rev. 287 (2003-2004)
Administering Adequacy in Class Representation

handle is hein.journals/tlr82 and id is 303 raw text is: Administering Adequacy in Class Representation
Richard A. Nagareda*
I.    Introduction  ......................................................................................... 2 8 8
II.  Parties, Interests, and  Tim e ................................................................. 294
A.   Loyalty and Time in Hansberry .................................................. 298
1.   The Am  biguity  of  Interest .................................................... 302
2.   Interest Alignment over Time .............................................. 305
B.   The  Jurisdictional Turn  in  Shutts  ................................................ 309
C.   The Missed Opportunity in Stephenson ...................................... 316
1.   Interest Alignment and Future Impairment ......................... 318
a.   Alignment Postjudgment ............................................. 320
b.   Alignment Prejudgment ............................................... 324
2.   Party  Status  Revisited  ......................................................... 330
III.  Loyalty, Lawyers, and   Courts ............................................................. 333
A .   Class Counsel Versus the    Class .................................................. 335
B.   Class Counsel Versus Potential Competitors .............................. 342
IV .  A dm inistering  A dequacy  .................................................................... 347
A .   Conceptual Underpinnings     ......................................................... 349
1.   Administration, Accountability, and Arbitrariness ............. 349
a.   Potential Replacement as Accountability .................... 351
b.   Reasoned Explanation as a Check on Arbitrariness... 357
2.   Markets and Regulation as Complements ........................... 359
B.   Using Governance to Make a Market for Adequacy .................. 362
1.   The  P rop osal ....................................................................... 362
2.   Adequate Structure and Collateral Attacks ......................... 366
3.   Building  a  Better Auction .................................................... 367
a.   Improving on Class Counsel Auctions ........................ 367
b.   Reverse Auctions and Magnet Courts ......................... 370
4.   Judicial Capabilities  ........................................................... 372
C .  Im plem  entation  ........................................................................... 374
1.   Constraining Collusion and Professional Objectors .......... 374
Professor, Vanderbilt University Law School. Lisa Bressman, Curtis Bridgeman, Howard
Erichson, Kenneth Feinberg, John Goldberg, Samuel Issacharoff, Jonathan Molot, Robert
Rasmussen, Anthony Sebok, Suzanna Sherry, Charles Silver, Kent Syverud, Christopher Yoo, and
workshop participants at Cardozo, Northwestern, and Vanderbilt provided helpful comments on
earlier drafts. Wendy Ertmer and Stephanie Wolfe provided both substantive comments and
research assistance. The former, in particular, undertook a painstaking examination of primary
sources in Hansberry v. Lee, 311 U.S. 32 (1940), without which the discussion infra subpart 1(A)
would not have been possible.

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