The two lead firms who represented plaintiffs burned in the Drexel Burnham Lambert scandal of the 1980s will receive less than 20 percent of the fees they sought following a decision by the U.S. Court of Appeals for the Second Circuit.
Milberg Weiss Bershad Hynes & Lerach, along with Abbey, Gardy & Squitieri, will receive $2.1 million for engineering the settlement of the $54 million class action filed in the wake of the junk bond crisis involving Drexel Burnham and junk bond superstar Michael Milken. It is a far cry from the $13.5 million the firms sought in Goldberger v. Integrated Resources Inc., 99-7198.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
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]