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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