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Friday, October 12, 2007

Ind. Decisions - 7th Circuit decides Illinois case on calculation of class action attorneys' fees

In Sutton v. Bernard, a 10-page opinion, Judge Williams writes:

The legal claims in this multimillion dollar securities class action have been settled. The issue of attorneys’ fees for class counsel, however, has the end of the litigation, the district court concluded that the “degree of success” obtained for the class was the controlling factor in its decision. As we explain more fully below, the district court failed to approximate what the market would have paid the lawyers for their services had they negotiated their fee at the beginning of the case, an approach that our precedent requires. Therefore, we vacate the district court’s decision and remand for a recalculation of the award.

Posted by Marcia Oddi on October 12, 2007 11:45 AM
Posted to Ind. (7th Cir.) Decisions