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A “special litigation committee” to monitor expensive and risky lawsuits?

An article in Compliance Week (July 7, 2010) by José Tabuena, SVP of governance and compliance with PhyServe Physician Services, mentions a function I have never seen. “One example of where legal and audit teams can cooperate is in financial statement disclosures. Does (or should) the company have a special litigation committee to approve high-cost legal services or pending litigation containing high-risk exposure?”

Having never heard of such a committee or role, I add this post to my brew. Who could be on such a committee? Are there such creatures as special litigation committees?

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