$4.5M In Attys' Fees OK'd In Winstar Fraud Settlement

Law360, New York (November 14, 2013, 3:19 PM EST) -- A New York federal judge on Wednesday granted final approval of a $10 million settlement in a securities fraud class action over Grant Thornton’s audit of now-bankrupt Internet service provider Winstar Communications Inc., awarding $4.5 million in attorneys’ fees to plaintiffs’ counsel.

District Judge George B. Daniels approved the settlement proposed in July, in which Grant Thornton agreed to pay $10 million in order to settle claims brought by lead plaintiffs Italian private bank Banca Intermobiliare, Detroit-based Drye Custom Pallets Inc. and Robert Ahearn alleging that...
To view the full article, register now.