James J. Hayes agreed to use $300,000 he was paid in a lawsuit settlement in 2008 to start a foundation to create “a more harmonious working relationship between shareholders and their advocates. ”It hasn’t worked out that way, according to subsequent legal opponents. Hayes is using the money to finance objections to settlements in class-action lawsuits involving companies whose shares he owns. Because a class action can’t be settled without a judge’s approval, his aim is to block a deal that he says isn’t fair until lawyers change the accord’s terms — and pay him a fee.
Read more: ‘Vexatious’ Geologist Makes Class-Action Fights His Business — Business Week
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