The 2nd U.S. Circuit Court of Appeals has shot down class action law firm Milberg’s bid to boost its attorney fees from the settlement of shareholder litigation against Nortel Networks Corp.

Southern District of New York Judge Richard Berman awarded the firm $38 million, or around 3 percent of the settlement funds, in January 2007. In rejecting Milberg’s request for 8.5 percent, or around $101 million, the judge said a 3 percent award already gave the firm twice what it would have received under an hourly lodestar calculation and that the challenges and complexities of the case were “not significantly different or greater” than others.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

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]