In a move bound to make plaintiffs lawyers shudder, the Securities and Exchange Commission is arguing in a closely watched securities fraud case that high attorney fees could get law firms kicked off federal class actions.
The SEC last week filed an amicus curiae brief at the 9th U.S. Circuit Court of Appeals in one of the first appellate court cases to contemplate crucial pretrial rulings in such lucrative cases. The anticipated ruling could limit the paydays of securities class action firms.
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