Citing "waste and inefficiency," Southern District Judge Sidney Stein awarded lead plaintiffs counsel Kirby McInerney $70.8 million in attorney fees, a 27 percent reduction from what the firm had sought, faulting Kirby for requesting $400 to $550 an hour for the work of dozens of contract attorneys.
August 06, 2013 at 12:00 AM
1 minute read
Southern District Judge Sidney Stein (See Profile) granted final approval to Citigroup Inc.'s $590 million settlement with shareholders, but not without slashing a $100 million fee request submitted by plaintiffs lawyers at Kirby McInerney.
Thursday's ruling in In re Citigroup Securities Litigation, 1:07-cv-09901, is a partial victory for class action reformer Ted Frank, who argued in an objection that plaintiffs lawyers inflated their fees by overbilling for the work of contract lawyers.
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