Another Powerball Payday for Class Action Lawyers
June 29, 2010
That sound of champagne corks popping that you’re hearing may be coming from the party over at the Pomerantz Haudek law firm. WSJ’s Law Blog reports that the firm has just reeled in a $56 million fee in a securities fraud class action suit.
While trial lawyer fees in the tens of millions are par for the course in our nation’s jackpot justice system, that’s a 25% cut of the $225 million settlement. Fees typically are around 15% in major awards. In signing off on the fee, NY Federal Court Judge Nicolas Garaufis wrote,
“While it may be that a lower percentage would also be sufficient, this court will not pretend that it has the expertise necessary to divine the ideal percentage.”
In other words, “How much? Beats me! Party on, dudes!”