Labaton Sucharow has agreed to return more than $4.8 million in attorney fees as part of an agreement with a special master who raised public corruption concerns in a $300 million securities class action settlement against financial services provider State Street Corp.
According to court documents that the special master filed on Wednesday, Labaton acknowledged it should have disclosed a $4.1 million payment to Texas attorney Damon Chargois, who had ties to the lead plaintiff, Arkansas Teacher Retirement System (ATRS). The New York-based firm also agreed to make several internal changes, including switching its general counsel and bringing in a former federal judge to review its fee arrangements.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]