Billable Hour Critics Cheer Legal Fee Cut In Citigroup Case

Law360, New York (August 02, 2013, 7:29 PM ET) -- A federal judge's decision to chop more than $25 million from a plaintiffs' fee request in a $590 million shareholder settlement with Citigroup Inc. drew cheers from corporate-side legal value advocates Friday, though some said the judge's focus on how the bill was pumped up missed an important lesson about the poor incentives created by mark-ups and the billable hour.

“The reliance on the billable hour is a terrible process that has only been with us for the last 35 or 40 years, but clients are...
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Case Information

Case Title

In Re: Citigroup Inc. Securities Litigation


Case Number

1:07-cv-09901

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Sidney H. Stein

Date Filed

November 7, 2007

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