Citigroup Fee Flap Strikes At Heart Of Class Action Model

Law360, New York (March 19, 2013, 9:04 PM EDT) -- If in-house attorneys are successful in challenging the type of legal fees charged for contract attorneys as part of a massive subprime securities settlement, they could undermine the incentives in place for plaintiffs attorneys to take on wealthy corporations, experts said Tuesday.

The case at issue — a class action against Citigroup Inc. alleging that it committed fraud with misstatements on its collateralized debt obligation holdings — resulted in a landmark $590 million settlement last August, including $100 million request for attorneys' fees.

An advocacy group representing in-house attorneys recently challenged the amount billed for contract attorneys, saying the fees were...

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