Earlier this year, Fannie Mae and its former auditor, KPMG LLP, reached a $153 million settlement in a securities fraud class action. As the agreement moves towards final court approval, lawyers for the class members are seeking more than $44 million in fees and expenses.
The plaintiffs’ lawyers are seeking 22 percent of the settlement fund—about $29.1 million, after certain expenses and costs are subtracted, the maximum the lawyers said they'd request in the settlement notice sent to class members. According to a motion for fees [PDF] filed August 16 in U.S. District Court for the District of Columbia, the plaintiffs' lawyers are also seeking about $15.2 million for expenses.
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