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Rejecting an appeal by three law firms that demanded portions of the $55 million in attorney fees awarded in the $3.2 billion settlement of the Cendant Corp. securities litigation, the 3rd Circuit has ruled that the lawyers who were named to lead the case have the power to say who gets paid. According to the appeals court, the Private Securities Litigation Reform Act of 1995 established a "new paradigm" for securities litigation in which the lead plaintiffs and their lawyers call all the shots.
April 12, 2005 at 12:00 AM
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The original version of this story was published on Law.Com
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