Circle of Greed: The Spectacular Rise and Fall of the Lawyer Who Brought Corporate America to Its Knees Review

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(More customer reviews)Circle of Greed provides a fascinating account of the rise and fall one of the most famous--or infamous--class action lawyers, Bill Lerach. The book has many fine qualities. First, it is very interesting reading. Lerach has lived a colorful life, and Dillon and Cannon tell a heck of a story.
Second, because Lerach was so prominent in prosecuting class actions, the book provides a concise history of many of the most important cases of fraud in the financial industry over the last several decades, a history that could not be more timely. Dillon and Cannon do a wonderful job of explaining in clear and accessible terms some of the shenanigans in which corporate America has engaged. Those descriptions by themselves justify the price of the book.
Third, Circle of Greed offers a balanced account of class actions and their virtues and vices as a means of achieving justice. Lerach himself appears as a complicated character: a true believer who was so committed to his cause--and to winning--that he was willing to bend and even break the rules, leading to his incarceration.
As a law professor, I teach about and study class actions and complex litigation. Over the years I have learned that people's ideological commitments tend to shape their views of class action litigation rather than the other way around. As a result, Circle of Greed is likely to be a Rorschach test. Those who hate class actions may object that Dillon and Cannon fail to condemn Lerach in clear enough terms. Those who are enamored with class actions may think Dillon and Cannon were too tough on Lerach--or should have chosen a more sympathetic subject, a class action lawyer who acted more ethically. But those who read Circle of Greed with an open mind may learn a little bit about one man's story, as well as a bit about the strengths and weaknesses of class litigation. Dillon and Cannon just provide the facts. The reader has to decide what to do with them.

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