The wheels of justice

Recently, I noticed a deposit made into my RRSP (401-K for American readers) account. There was a notation that this was the proceeds of the class-action law suit against Nortel Networks. For those of you not familiar with the case, senior executives at the (former) behemoth communications company conspired to perpetrate accounting fraud that resulted in perhaps millions of investors losing almost one third of a trillion dollars. Criminal charges against those principles are still in the courts.

Hundreds of thousands of people, myself included, had their life savings wiped out. Right now, you might be thinking "Good for you--you got your money back". Let me give you a clue as to how much of my money I actually got back--I did not break out the champagne when I saw the amount of the deposit. In fact, I'm not sure that it could buy a bottle of Dom Perignon. I chuckled--it was so laughable. I lost almost $400,000 and a successful law suit netted me $199. That's right. There's no missing zeros--one hundred and ninety nine dollars. What I would really like to know is how many tens of millions of dollars the lawyers got for getting me my $199.

The kicker to all this is how much more money lawyers stand to make by defending the thieves and cheats behind all this misery. I'd be willing to bet my $199 that most if not all the guilty will get off with a slap on the wrist if not outright. It's no wonder that things never change. There is no justice.