The 3rd Circuit has upheld an unusual fee arrangement in a securities class action, allowing a percentage that increases, rather than drops, as the amount of the settlement rises. The court found the district judge "did not abuse his discretion in concluding the sliding scale was fair and reasonable in light of the size of the settlement fund, the difficulty and length of the litigation, and the fact that all benefits accruing to class members are properly credited to the efforts of class counsel."
August 04, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The 3rd U.S. Circuit Court of Appeals has upheld an unusual fee arrangement in a securities class action, allowing a percentage that increases, rather than drops, as the amount of the settlement rises.
On July 20, the court approved $21.25 million in fees, plus $5.46 million in costs and expenses, for plaintiffs counsel out of a $100 million common fund settlement in In re AT&T Corp. Securities Litigation, 05-2727 and 05-2728.
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