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A California appeal court has reversed a $5 million fee award to the Lerach firm and two others, ordering a trial judge to recalculate the figure to see whether it is fair and reasonable. The case stems from a 2001 settlement of a shareholder derivative suit that required certain changes in the way BankAmerica Corp. ran its operations. No money was awarded, but a San Francisco judge awarded fees to the three firms. Thirty shareholders filed objections to the attorney fees.
February 08, 2005 at 12:00 AM
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The original version of this story was published on Law.Com
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