Kirby McInerney Fees Cut By Over $25M In Citi Settlement

Law360, New York (August 1, 2013, 1:48 PM EDT) -- A New York federal judge on Thursday gave final approval to a $590 million settlement between Citigroup Inc. and investors who claimed the bank lied about its exposure to toxic mortgage-backed securities, but slashed the fees awarded to lead counsel Kirby McInerney LLP by over $25 million.

U.S. District Judge Sydney H. Stein said that the $590 million settlement, while far from offsetting the losses suffered by Citigroup stockholders, was a reasonable sum based on the risks of them receiving no compensation through litigation.

However, the...
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