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Browse: Home / 2008 / December / 22 / Court Approves Attorneys’ Fees of 15% in $303 Million GM Settlement

Court Approves Attorneys’ Fees of 15% in $303 Million GM Settlement

By Securities Docket on December 22, 2008, 9:38 pm

U.S. District Judge Gerald Rosen (E.D. Mich.) today approved a 15% legal fee ($45 million) in the $303 million settlement in the securities class action against General Motors Corp, the AP reported.  Attorneys for the class had initially requested 19%, but that request was met with an objection from the Pennsylvania State Employees’ Retirement System earlier this month, which argued that 19% worked out to the equivalent of $2,310 an hour.

Judge Rosen stated that “nineteen seeks like a relatively low percentage until you look at the size of the beast,” he said, referring to the $303 million deal.  GM will pay $277 million toward the settlement and its auditor, Deloitte & Touche LLP, will pay $26 million.  The lower legal fees will mean an additional $12 million for investors in the case.

Read the AP article

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Posted in Class Actions | Tagged Features, Fees

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