While Judge Sidney Stein said the $730 million settlement result was impressive, he questioned whether the proposed blended rate for staff attorneys at $385 an hour "actually reflects what a reasonable client would pay," and awarded the plaintiffs firms 16 percent.
December 30, 2013 at 12:00 AM
1 minute read
Finding billing rates too high, a Southern District judge has cut $30 million from plaintiffs firms’ fee request in a bondholder settlement with Citigroup Inc.
The approved award of $116.8 million represents 16 percent of the $730 million settlement. Plaintiffs attorneys, including lead counsel Bernstein Litowitz Berger & Grossmann, had requested 20 percent, or about $146 million, plus interest.
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