WaMu Shareholder Objects To Bankruptcy Attys' Fees

Law360, New York (July 3, 2012, 8:16 PM EDT) -- A Washington Mutual Inc. shareholder sharply objected Tuesday in Delaware bankruptcy court to Weil Gotshal & Manges LLP's request for almost $77.4 million in attorneys' fees for its representation of the debtor, saying the firm was charging exorbitant rates and padding the hours it billed.

Shareholder David Shutvet said Weil's blended attorney rate of $882 an hour was well above the appropriate rate that should have been applied using the so-called Laffey Matrix fee range established by the case Laffey v. Northwest Airlines Inc., which allows...
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