Objections have been filed to the $195 million fee request by plaintiffs attorneys who achieved a $586 million settlement in a massive federal initial public offering litigation. In papers filed Tuesday by counsel for objectors, four attorneys argue the request for $195 million was “outrageous” and “a fee of 33.33 percent is not permissible in a mega-fund case like this.”
Southern District of New York Judge Shira A. Scheindlin is scheduled to hold a hearing Thursday to give final approval to the settlement and pass judgment on the fee request by Bernstein Liebhard, Milberg LLP and other plaintiffs firms.
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