Class Counsel Takes $3M Haircut As $110M Fiat Deal Gets OK

Law360, New York (September 5, 2019, 5:58 PM EDT) -- A Manhattan federal judge on Thursday approved a $110 million settlement for Fiat Chrysler investors who sued when the automaker's alleged lies about emissions practices came to light, but he lopped about $3 million from a $32.2 million fee request made by lawyers who brought the class action.

U.S. District Judge Jesse M. Furman, who oversaw the four-year litigation that settled in April, called the recovery for investors "fair, reasonable and adequate," but administered a something of a haircut for plaintiffs' firms representing aggrieved investors in the $27.5 billion automaker.

"Fees in the range requested are less reasonable in a settlement...

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