The D.C. Circuit is correct, I think, in holding that an attorneys’ fee in a class action should be calculated as a percentage as the common fund. But does that mean that class counsel in a class action that settles immediately upon the filing of a complaint without any contested litigation is entitled to the same 25% that is the benchmark for a fully-litigated case where class counsel is actually facing risk? This month, we argued no at a fairness hearing in a class action over overdraft fees. More details at Point of Law.