The AmLaw Litigation Daily’s Alison Frankel reports that on Wednesday, Florida’s State Board of Administration will hold a public hearing to review submissions by 12 law firms competing to represent the state’s pension funds in future securities class actions. Wednesday’s hearing is the final stage in a lengthy and unusually transparent process.
According to the article, the SBA put out an RFP in mid-October to which no fewer than 31 law firms responded. Six SBA evaluators, including the general counsel and deputy general counsel, then ranked all of the submissions, and recorded all of their rankings on this scorecard. The top 12 ranked firms were then reportedly called in for public interviews, leading to Wednesday’s final hearing which will narrow the list down to a list of 5 to 8 firms. These firms will then be the state’s go-to firms for future securities class action litigation.