Bounty Hunters

Corporate Counsel has a short article (via law.com – free regist. req’d) on the incentives some institutional investors are offering their counsel to obtain direct recoveries from individual defendants.

Quote of note: “Christopher Waddell, general counsel of the California State Teachers’ Retirement System, said that he uses both bounty and sliding-scale fees in order to ‘incentivize’ his outside counsel to go after personal assets. CalSTRS, the nation’s third-largest public pension fund, has promised its lawyers a 2.5 percent bounty, plus an undisclosed fee, in a pending suit against the former directors of WorldCom.”