Judge 'Shocked' By $16M Atty Fee Bid In LendingClub Deal

Law360, San Francisco (March 8, 2018, 5:49 PM EST) -- A California federal judge said he was "shocked" attorneys want $16 million for representing LendingClub Corp. investors in two securities class actions against the peer-to-peer lending company, telling the plaintiffs' lawyers at a hearing Thursday they "may be being greedy" by asking for that much of the $125 million settlement.

When U.S. District Judge William Alsup expressed skepticism over the $16 million in attorneys' fees, class counsel Jason Forge of Robbins Geller Rudman & Dowd LLP said his clients had negotiated his 14 percent cut of the net settlement before they signed a retainer agreement. But Judge Alsup said he wasn't...

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