Citigroup Plaintiff Lawyers Fire Back At Fee Objectors
Forbes reports on efforts by the Center for Class Action Fairness to dispute excessive fees sought by lawyers in a class action settlement with Citigroup.
The detailed response is aimed mostly at class-action reform advocate Ted Frank, a Citigroup shareholder who objected to the fees as excessive given the low-level work performed by the temp attorneys and high probability of winning a settlement once plaintiff lawyers beat back Citigroup’s motion to dismiss the case. Most companies choose to settle securities class actions if they can’t get them dismissed at the outset, since the cost of litigating them or losing in court far exceed the cost of settling and paying plaintiff lawyers a fee.
Read the full article at Forbes.