Countrywide Class Counsel Nets Reduced Fee Award

Law360, New York (September 2, 2009, 2:21 PM EDT) -- The Delaware Chancery Court has awarded class counsel $750,000 — roughly half of what the firms initially requested — for representing Countrywide Financial Corp. shareholders in a settled suit over Bank of America Corp.’s $4 billion takeover of the mortgage underwriter.

Vice Chancellor John W. Noble signed off Friday on the fee award, holding that while the settlement reached for the plaintiffs did not include monetary benefit, the additional disclosures secured for the stockholders justified a fee award to the firms responsible for bringing the class...
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