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.
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