Fee Award Doubled To $8.6M In Exxon-XTO Merger Challenge

Law360, New York (February 15, 2012, 8:15 PM EST) -- A Texas appeals court last week awarded $8.6 million in fees to 21 law firms representing shareholders in a class action over Exxon Mobil Corp.'s 2010 merger with oil and gas producer XTO Energy Inc., finding a lower court had abused its discretion in awarding only $3.9 million.

An appeals panel ruled 2-to-1 that the lower court had failed to follow a Texas law governing attorneys' fees, which requires a court to first determine a base award based on reasonable hourly rates, then multiply that amount...
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