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Reserve Primary Fund Threat “Ices” Shareholder Claims
The Reserve Primary Fund, the money market fund that “broke the buck” and quickly became a defendant in numerous securities class actions, has presented its litigious shareholders with a choice: be patient and perhaps receive 98.5 cents for each dollar they had in the money market fund; or continue with their lawsuits against the fund [...]
Treasury Dept. Awards Big Contracts for Bailout Legal Work to Squire Sanders and Hughes Hubbard
As previously discussed here, some law firms are poised to generate significant fees from the current financial crisis. To that list we can now law firms Squire, Sanders & Dempsey and Hughes Hubbard. On Monday, the US Treasury announced that it will pay the two firms approximately $5.5 million each to assist the Department in [...]
New York Supreme Court Denies Attorneys’ Fees in Glenayre Backdating Settlement
New York Supreme Court Justice Herman Cahn has ruled that two plaintiffs’ firms that settled a stock option backdating suit against several current and former board members of Glenayre Technologies Inc. may not recover $775,000 in attorney fees. The Shapiro Firm and Schiffrin Barroway Topaz & Kessler represented the plaintiffs in the case. Although the [...]
Distribution of $7.2 Billion Enron Settlement May Come in 2008
Dan Newman of Coughlin Stoia Geller Rudman & Robbins, the law firm leading the Enron securities class action settlement, stated Tuesday that the firm is hopeful that it can make a distribution to Enron shareholders of the $7.2 billion settlement fund before the end of the year. He added that the order on Monday by U.S. District Judge Melinda Harmon [...]
Enron Judge Approves Record $688 Million in Attorneys’ Fees
U.S. District Judge Melinda Harmon of the Southern District of Texas has approved plaintiffs’ counsel’s request for $688 million fee in fees for its work in the Enron shareholder litigation, the largest fee award ever in a securities fraud case. The litigation settled for a record $7.2 billion. The ABA Journal reports that law firm [...]
Second Circuit Rejects Milberg’s Request for Increased Fees in Nortel Networks Litigation
The U.S. Court of Appeals for the Second Circuit has rejected a request by the Milberg law firm to increase its attorneys fees from 3% ($38 million) to 8.5 % (approximately $101 million) in the settlement of shareholder litigation against Nortel Networks Corp. Law.com reports that Judge Richard Berman of the Southern District of New [...]
McAfee Case Against WilmerHale Dismissed
Above the Law reports that the lawsuit previously discussed here against WilmerHale related to its fees has been dismissed by United States District Judge Michael Schneider of the U.S. District Court for the Eastern District of Texas. The court reportedly “heard argument [yesterday] on WilmerHale’s motion to dismiss McAfee’s lawsuit against the firm. Judge Schneider ruled [...]
McAfee Sues WilmerHale Over Fees for Defense of Former CFO
Antivirus software maker McAfee has reportedly sued WilmerHale for over-billing the company more than $6 million for its representation of former CFO Prabhat Goyal. CFO.com reports that in April, McAfee filed a $12 million lawsuit that accuses the law firm Wilmer, Cutler, Pickering, Hale and Dorr, of overcharging the company in its defense of the [...]