In by far the largest class-action securities settlement in U.S. history, Cendant Corp. announced yesterday that it has agreed to pay $2.8 billion to shareholders who watched the company’s stock price plummet in the wake of a 1998 accounting-fraud scandal.
So how much will the plaintiffs’ lawyers be taking home in fees? Stay tuned. That information is top secret for now because the judge presiding over the case appointed lead counsel in a bidding process and all of the documents are still under seal.
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