2nd Circ. OKs $20M Award For Madoff Investor Class Attys

Law360 (June 30, 2020, 6:53 PM EDT) -- The Second Circuit on Tuesday rejected the last objection to a nearly $20 million fee award for counsel of an investor class that received a $1 billion settlement for money lost through Bernard Madoff's Ponzi scheme.

The appellate panel said aspects of the objection, which contended that class counsel was being compensated for work unconnected to the case, were "plainly untrue" and went beyond the scope of what the Second Circuit had mandated when it sent the award back to a New York federal judge in 2017 for revision of the award's lodestar multiplier.

"There is also no cogent reason for...

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