A federal appeals court has snatched away a $29 million fee award that two law firms received for serving as lead plaintiffs counsel in a California backdating securities class action.

The 9th U.S. Circuit Court of Appeals on Wednesday vacated a lower court ruling granting the fee award to New York’s Labaton Sucharow and Glancy Binkow & Goldberg of Los Angeles. In a 2-1 decision, an appeals panel held that U.S. District Judge Jeremy Fogel denied the plaintiffs in the backdating case the opportunity to argue for reducing the fee. The panel remanded to Fogel, who sits in the Northern District of California.

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