It was already notable when the St. Louis state court judge approved attorneys' fees amounting to a full 35 percent of the purported settlement value of $60 million. But a new appellate brief by an objector to the deal asserts that hard-to-redeem vouchers mean the real value of the settlement for the class is more like $9 million, making the fee award absurdly disproportionate.
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$9 Million for Class, $21 Million for Lawyers? Center for Class Action Fairness Appeals Approval of A.G. Edwards Brokerage Settlement
January 11, 2011
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