2nd Circ. Revives Objector's Fee Fight In $3B Petrobras Deal

Law360 (September 5, 2019, 6:36 PM EDT) -- A man who saved a class of investors $46 million in legal fees stemming from their $3 billion settlement with Brazil's state-run oil giant Petrobras will get another opportunity to secure more than $11,732 for his efforts, the Second Circuit ruled Thursday.

A three-judge panel told a New York federal court to reconsider objector William Thomas Haynes' fee award since U.S. District Judge Jed S. Rakoff didn't fully explain his thought process when determining the figure.

Haynes had made a number of objections, but Judge Rakoff said one in particular about misclassified costs persuaded him to reduce the class counsel's fees by...

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