Jessica Erickson, professor of law at the University of Richmond, joins the Business Scholarship Podcast to discuss her article Automating Securities Class Action Settlements. In the article, Erickson explores a contradiction in securities class-action settlements: although Civil Rule 23 defaults to opt-out class membership, the difficulty of identifying securities class members makes settlement administration effectively opt-in. She proposes two solutions for overcoming this problem: a market-based approach involving banks and brokers, and a regulatory approach using the SEC’s forthcoming consolidated audit trail.