The Ninth Circuit U.S. Court of Appeals on Tuesday said class action gadfly Lawrence Schonbrun is entitled to $48,775 for convincing a federal judge to cut $2 million from a fee award, regardless of the fact that his client had no standing to object.
Los Angeles District Judge James Ideman had originally awarded the Los Angeles plaintiffs firm Weiss & Yourman $2.97 million in 1993 for settling a securities class action against Occidental Petroleum Corp. Occidental was sued for terminating a long-standing guarantee that shareholders would receive $2.50 dividend per share regardless of earnings, replacing it with a guarantee of just a $1 dividend.
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