Law360, New York (September 28, 2007, 12:00 AM EDT) -- Astounded by what they call outrageous legal fees and exorbitant expenses claimed by lead counsel, a group of Tyco International shareholders has asked a judge to quash a proposed $3.2 billion class action settlement with the industrial conglomerate.
The three class members told U.S. District Court Judge Paul Barbadoro the $600 million cut negotiated by plaintiffs' lawyers was “far in excess of what is fair and reasonable” and must be denied by the court.
“Although class counsel worked very hard for many years on this matter,...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.