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Friedrich v. Fidelity Nat'l Bank

In a case of first impression, the Court of Appeals adopted the percentage of the fund rule for awarding attorneys' fees following the settlement of class action lawsuits.

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This appeal raises a question of first impression in this State concerning the method of awarding attorney fees following the settlement of a class action lawsuit. We find persuasive Camden I Condominium Ass’n. v. Dunkle, 946 F.2d 768 11th Cir. 1991. That decision describes three methods of determining attorney fees in the type of settlement here and concludes that the “percentage of the fund” method is the most appropriate. Because the trial court’s order does not demonstrate that the court complied with the manner of determining fees prescribed by Camden I, we vacate the award and remand this case for proceedings consistent with this opinion.

The fee award at issue arises out of a class action lawsuit concerning a failed securities offering of the Automobile Insurance Premiums Trust. The trust was formed to provide loans to licensed premium finance companies, which then provided financing to firms and individuals desiring to finance the cost of their property and casualty insurance premiums. Among other things, the complaint alleged that Fidelity National Bank FNB, as a trustee under a declaration of trust, breached the trust agreement.

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