$2M Attys' Fee Bid Junked In Wells Fargo Mortgage Suits

Law360, New York (June 17, 2013, 3:51 PM EDT) -- A California federal judge Friday significantly shrank a $1.8 million attorneys' fee request for Wells Fargo & Co. and now-defunct Wachovia Corp. investors, finding that work involved in two shareholder derivative suits over subprime mortgages warranted less than half of the amount requested.

U.S. District Judge Yvonne Gonzalez Rogers pared down the request to $500,000, saying that the nonmonetary settlement of two suits connected to Wachovia's dealings in subprime mortgages and its 2006 acquisition of Golden West Financial Corp. did not exceptionally benefit shareholders or require...
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