Counsel From Merrill Class Settlement Awarded $23M

Law360, New York (December 2, 2009, 5:47 PM EST) -- A judge has awarded more than $23 million to the plaintiffs' counsel in a class action accusing Merrill Lynch & Co. Inc. of misrepresenting its subprime mortgage debt exposure and other financial information.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York agreed on Tuesday to award 15 percent, or about $23 million, of the $150 million settlement reached in the case to plaintiffs' counsel. He also said counsel could have about $510,000 in litigation expenses.

In October, Bernstein...
To view the full article, register now.