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Rakoff Questions $285M Atty Fees In $3B Petrobras Deal

Law360, New York (February 23, 2018, 6:44 PM EST) -- U.S. District Judge Jed Rakoff on Friday pressed lawyers for a class of investors in Petrobras securities who inked a $3 billion fraud settlement with the oil giant and its auditor to justify their request for $285 million in attorneys’ fees, calling on Petrobras to join him in scrutinizing the plaintiffs’ billing records.

The judge, who bemoaned in a hearing how the adversarial relationship between plaintiffs and defendants “breaks down” once a deal is struck, said the investors’ lawyers might be overstating the value of the...
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