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.
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