JC Penney Appeals $3.1M Atty Fee Award In Texas

Law360, Houston (January 31, 2014, 8:11 PM EST) -- J.C. Penney Co. Inc. urged a Texas appeals court Wednesday to reject a $3.1 million attorneys' fee judgment in shareholder derivative litigation, saying the award is unjustified because the underlying dispute over executive compensation reached a quick and modest settlement.

In a brief filed with the Fifth District Court of Appeals, the retailer argued that the trial court’s award is far in excess of what would fairly compensate shareholder attorneys in the suit, given that the case was resolved before discovery commenced, the settlement involved no...
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