A prominent association of in-house lawyers has voiced its objection to a $100 million fee request in a securities class action against Citigroup Inc that settled for $590 million. The Association of Corporate Counsel sent a friend-of-the-court letter on Friday to the Manhattan federal judge who is weighing whether to approve the fee….
The letter, which is not in the docket but was provided to Reuters, marks the first time the ACC has objected to fees in a class action, Sarwal said in an interview. He said the objection was part of the ACC’s broader efforts since the economic downturn to advocate for value-based fee arrangements.
via In-house lawyer group objects to $100 mln Citigroup fee — Reuters