$30M Cut From Attys' Fees In Citigroup Settlement

Law360, Los Angeles (December 19, 2013, 10:01 PM EST) -- A New York federal judge on Thursday cut by $30 million the requested attorneys' fees for lawyers behind Citigroup Inc.'s $730 million class action settlement resolving allegations that the bank misrepresented its exposure to subprime assets, ruling the $146 million request was too large a percentage of the award.

U.S. District Judge Sidney H. Stein found that while Bernstein Litowitz Berger & Grossmann LLP’s work on claims that Citigroup misled purchasers about its exposure to collateralized debt obligations backed by subprime assets was complex and of...
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