The Florida State Board of Administration voted unanimously on Tuesday to approve Attorney General Bill McCollum’s proposal to cap the amount private law firms may recover while representing the state of Florida in securities lawsuits.
Legal Newsline reports that Governor Charlie Crist and Chief Financial Officer Alex Sink voted together with McCollum to approve his proposal, which is based on McCollum’s own personal practices as attorney general.
The cap system provides a certain amount of attorneys’ fees for each tier of an award or settlement, and allows a maximum of $50 million.
The five law firms that can represent the State in securities litigation after a recent RFP process are:
- Pomerantz Haudek Grossman & Gross, New York City
- Bernstein Litowitz Berger & Grossmann, New York City
- Berman DeValerio, Boston
- Barrack, Rodos & Bacine, Philadelphia
- Kaplan Fox, New York City