Fees Chopped, Releases Cut In $25M Third Ave. Settlement

By Jeff Montgomery (June 16, 2017, 5:53 PM EDT) -- A $25 million settlement of a suit prompted by a 2015 junk bond fund meltdown hit a Delaware Chancery Court speed bump Friday, with a vice chancellor chopping $2 million from a $5 million fee sought by shareholder attorneys and threatening to reject the deal.

After chidings all around, Vice Chancellor J. Travis Laster told both sides that he would approve the Third Avenue Trust settlement if promptly amended to remove broad liability releases for matters occurring between the settlement's execution and approval by the court.

Fees and expenses, meanwhile, took heavy casualties.

"In terms of cross-checking hours, I think you...

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