CAFA Settlement Notice Provision: Optimal Regulatory Policy?
Sometimes the periphery proves to be of central importance. In its infant years, the Class Action Fairness Act of 2005 (CAFA) has undergone much critical scrutiny. This Article moves us to the periphery to evaluate the largely ignored settlement notice provision. The provision mandates that notice of every class action settlement within CAFA’s purview must be provided to “appropriate” federal and state officials. The relevant federal official is the Attorney General of the United States. As for the states, the relevant official is the one who has “primary regulatory or supervisory responsibility with respect to the defendant, or who licenses or otherwise authorizes the defendant to conduct business in the State,” or, by default, the attorney general (AG) of any state in which any class member lives.
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