7th Circ. Told Fees In $200M Motorola Deal Violate PSLRA

Law360, Chicago (November 1, 2012, 4:28 PM EDT) -- Investors who objected to a $200 million class settlement Motorola Solutions Inc. inked to end securities litigation told the Seventh Circuit on Thursday that the deal's 27.5 percent attorneys' fee award is too high and violates the Private Securities Litigation Reform Act.

Arguing for Paul A. Liles — a class member who objected to the settlement Motorola reached in February to resolve the suit over 2006 delivery delays of its 3G phones — N. Albert Bacharach Jr. said that the notice sent out for the deal...
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