Robbins, Edison Can't Reap Fees From Merger Settlement

Law360, Houston (March 28, 2013, 8:04 PM EDT) -- A Texas appeals court Thursday stripped a $612,000 attorneys' fee award from a class action settlement relating to the $7 billion merger of Frontier Oil Corp. and Holly Corp., ruling Edison McDowell & Hetherington LLP and Robbins Geller Rudman & Dowd LLP can't collect the fees since the deal awarded no cash to shareholders.

The Fourteenth District Court of Appeals ruled that a state law prevents the firms from earning fees that are out of proportion with “noncash common benefits” received by shareholders from the settlement,...
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