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Securities Class Settlement Attorneys’ Fees Won’t Get SCOTUS Eye

Oct. 15, 2019, 1:39 PM

An objector to the attorneys’ fees awarded to class counsel in a $10.9 million securities fraud class settlement didn’t convince the U.S. Supreme Court Oct. 15 to take a look.

The U.S. Court of Appeals for the Second Circuit in May affirmed the district court’s fee award of $2.725 million, 25% of the settlement.

The objector argued the fees should have been calculated using the lodestar method, instead of as a percentage of the fund, because of a fee-shifting statute.

The settlement resolved allegations that BioScrip Inc. allegedly misled investors about an investigation into a kickback scheme at the company....

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