The ruling is a powerful rebuke of the so-called cy pres doctrine, a legal theory that has sprung up, despite dubious academic credentials, to deal with anintractableproblem with class actions: Unclaimed funds.
That suggests France is perilously perched on the cusp between being part of the solution to the eurozone's financial woes and becoming anintractable part of the problem: neurotic investors fear that the French government's balance sheet and French banks may not be strong enough to underwrite the size of bailouts that could turn out to be necessary for Italy and Spain.
The industry already had a work load compression problem but making the default entity choice an S corporation with a December year end made the problemintractable.