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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