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.
$9 Million for Class, $21 Million for Lawyers? Center for Class Action Fairness Appeals Approval of A.G. Edwards Brokerage Settlement
January 11, 2011
This content is now available at LexisNexis®.
The ALM® and LexisNexis® Content Alliance
LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM’s legal news publications. LexisNexis® customers will be able to access and use ALM’s content by subscribing to the LexisNexis® services via lexis.com® and Nexis®. This includes content from The National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM’s other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.
ALM’s content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.
If you are not currently a LexisNexis subscriber, contact 1-800-227-4908 to find out more or click here to have a customer representative contact you directly.