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FORMAL CHARGES FILED AGAINST TREVOR TRIO The California State Bar on Wednesday officially filed disciplinary charges against three lawyers with Beverly Hills’ Trevor Law Group who had already been suspended for allegedly abusing California’s unfair competition law. In an approximately 80-page document, State Bar prosecutors accused Damian Trevor, Shane Han and Allan Hendrickson of 36 counts of misconduct. The documents seek disbarment of all three. They were placed on involuntary inactive enrollment — meaning they cannot practice law — on May 24. “This represents the next step in the process before the State Bar Court,” State Bar Chief Trial Counsel Mike Nisperos Jr. said Wednesday. “This office has completed its investigation, and we’re ready for a trial on the merits.” – Mike McKee Rite Aid suit yields $83 million in fees PHILADELPHIA — With settlements totaling more than $334 million and attorneys fees of about $83 million, the class action shareholders’ suit filed in the wake of an accounting scandal at Rite Aid Corp. now ranks among the nation’s five largest shareholder settlements ever. In an opinion handed down this week, U.S. District Judge Stewart Dalzell of the Eastern District of Pennsylvania granted final approval of settlements worth more than $126 million by the final three defendants. The accounting firm KPMG paid $125 million; former Rite Aid CEO Martin Grass paid $1.4 million; and former Rite Aid Chief Operating Officer Timothy Noonan paid more than $150,000. All three of the settling defendants also agreed to drop their challenges to a prior settlement by Rite Aid Corp. Dalzell’s 15-page opinion also shows that the corporation’s settlement is now worth $207 million and no longer includes any stock components. Originally, Dalzell had approved a settlement worth $193 million that included a combination of cash and stock. At first, the settlement was structured so that Rite Aid would pay $43.5 million in cash — nearly all of its available insurance — as well as at least 20 million shares of Rite Aid common stock promised to be worth at least $149.5 million and possibly more if the stock performed well in the immediate future. Dalzell applauded the plaintiffs’ team for converting the entire settlement to cash. As Dalzell explained in a footnote to this week’s opinion: “Thanks to nimble class counsel, this sum, which once included securities worth $149.5 million, is now all cash. Seizing on an opportunity Rite Aid presented, class counsel first renegotiated what had been stock consideration into Rite Aid Notes, and then this year monetized those notes.” Now that all the settlements have won final approval, simple math shows that the plaintiffs’ lawyers will be receiving more than $83 million, with the lion’s share going to two firms — Berger & Montague in Philadelphia and Milberg Weiss Bershad Hynes & Lerach in New York. – The Legal Intelligencer

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