2nd Circ. OKs $9M Stock Fraud Deal Despite $3M Attys' Fees

Law360, New York (January 29, 2013, 1:48 PM EST) -- The Second Circuit on Tuesday approved Harmony Gold Mining Co.'s $9 million settlement in a securities fraud class action stemming from the South African company’s overstated earnings in 2007, overruling claims by one plaintiff that the deal included an excessive $3 million in attorneys' fees.

A three-judge panel said U.S. District Judge Barbara S. Jones was correct to approve the November 2011 settlement over objections by James J. Hayes, a class representative who claimed the deal should have been subject to a 10 percent cap on...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

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.