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Petrobras $3B Settlement OK’d; Class Counsel Fees Slashed

June 26, 2018, 8:45 PM

Brazil’s state-run oil company Petrobras and investors got a U.S. court to sign off on a $3 billion class settlement resulting from a bribery scheme, the largest resolution of its kind in a decade.

“But the nearly $300 million in attorneys’ fees requested by plaintiffs’ counsel needs to be reduced by roughly one-third,” Judge Jed S. Rakoff wrote June 25 for the U.S. District Court for the Southern District of New York.

Counsel for objector William Haynes called the decision an important victory for class members.

“It adds to an increasing judicial recognition that plaintiffs’ attorneys cannot take an unfair...

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