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 Coughlin Stoia Geller Rudman & Robbins’ Coughlin Stoia may receive as much as $400 million of the amount. According to a report last year in the WSJ Law Blog, imprisoned former Coughlin Stoia lawyer William Lerach could get as much as $50 million of the fees.
Coughlin Stoia reportedly represented lead plaintiff University of California Regents’ Retirement Fund in the Enron case under an agreement that started at 8 percent and climbed to 10 percent for any money recovered above $2 billion.