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In a hefty opinion brimming with important rulings, the 3rd U.S. Circuit Court of Appeals upheld the $3.2 billion settlement of a class action securities suit against Cendant Corp. and its auditors, Ernst & Young. The court, however, ordered that a $262 million attorneys' fees award be slashed, and in doing so, criticized the use of "auctions" to appoint lead plaintiffs' counsel in securities class action cases.
August 28, 2001 at 12:00 AM
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The original version of this story was published on Law.Com
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