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...
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.