A US district court judge has approved an award of $688m (£391m) in legal fees – the largest award in class action history – to plaintiffs lawyers that obtained $7.2bn (£4.1bn) for former Enron shareholders, reports The Am Law Daily.
Judge Melinda Harmon ruled on Monday (8 September) that class counsel should receive 9.52% of the total recovery, including interest. As counsel to the suit’s lead plaintiff, the Regents of the University of California, San Diego firm Coughlin Stoia Geller Rudman & Robbins is poised to pocket a substantial amount of the record legal fees.
