Lawyers representing directors and officers of IndyMac Bancorp Inc. are attempting to remove a cap on their billing rates, the latest example of how judges are scrutinizing hourly fees in large bankruptcies. IndyMac, one of the nation's largest mortgage lenders, filed for Chapter 7 protection on July 31, 2008. Six law firms representing directors and officers recently appealed to the bankruptcy judge in the case to overturn a court-appointed monitor's decision to cap their fees at $600 per hour.
Cap on Legal Fees in Bankruptcy Alarms Firms
The National Law Journal
May 11, 2009