Record $460M in Fees Sought in Securities Class Action
Posted Nov 1, 2007 6:47 AM CST
By Debra Cassens Weiss
Milberg Weiss and two other lead law firms are seeking $460 million in fees and about $29 million in expenses in the $3.2 billion settlement of a securities class action against Tyco International Ltd.
The money, said to be a record amount in a securities class action, would also be shared with other law firms that worked on case, the Wall Street Journal reports (sub. req.).
Usually attorney fees in big settlements represent about 10 percent of the total, and the firms’ request for an award of about 14.5 percent could run into problems, the newspaper says. U.S. District Judge Paul Barbadoro of New Hampshire is scheduled to consider the fees at a hearing today.
Plaintiffs lawyers claim they spent 488,000 hours on the case.