2nd Circ. OKs $9M Stock Fraud Deal Despite $3M Attys' Fees

Law360, New York (January 29, 2013, 1:48 PM EST) -- The Second Circuit on Tuesday approved Harmony Gold Mining Co.'s $9 million settlement in a securities fraud class action stemming from the South African company’s overstated earnings in 2007, overruling claims by one plaintiff that the deal included an excessive $3 million in attorneys' fees.

A three-judge panel said U.S. District Judge Barbara S. Jones was correct to approve the November 2011 settlement over objections by James J. Hayes, a class representative who claimed the deal should have been subject to a 10 percent cap on...
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