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- W2769456768 abstract "The Use of “Most-Favored-Nation” Clauses in Settlement of Litigation Kathryn E. Spier * October 5, 2001 Many settlement agreements in lawsuits involving either multiple plaintiffs or multiple defendants include so-called most-favored-nation clauses. If a defendant facing multiple claims, for example, settles with some plaintiffs early and settles with additional plaintiffs later for a greater amount, then the early settlers will receive the more favorable terms as well. These MFN provisions have been prominent in the recent MP3.com case, as well as tobacco litigation, class actions, and many antitrust lawsuits. This paper considers a defendant who is facing a large group of heterogeneous plaintiffs. Each plaintiff has private information about the (expected) award that he or she will receive should the case go to trial. MFN clauses are valuable because they commit the defendant not to raise his offer over time. This has two important effects. First, holding overall settlement rate fixed, MFNs encourage earlier settlement. Second, depending upon the distribution of plaintiff types, MFNs can either increase or decrease the overall settlement rate. Social welfare implications are discussed, and alternative theories, including the strategic use of MFNs to extract value from future plaintiffs, are explored. k-spier@kellogg.nwu.edu. Kellogg School of Management and National Bureau of Economic Research. Thanks to David Butz, Jim Dana, Andrew Daughety, Jennifer Reinganum, the Zodiac Room Group and Scott Stern for helpful discussions, and to Peter Dicola for the MP3.com example. All errors, of course, remain my own." @default.
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- W2769456768 date "2001-10-05" @default.
- W2769456768 modified "2023-09-26" @default.
- W2769456768 title "Most Favored Nations' Clauses in Settlement" @default.
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