Pinterest Shareholder Attorneys’ Fees Cut in Half in Bias Case

Pinterest Inc. shareholders secured approval for a reform-focused derivative suit settlement, but their attorneys failed to convince a federal judge in California to approve their nearly $5.4 million fee request, at least for now.

Cohen Milstein Sellers & Toll PLLC, interim lead counsel, and the shareholders’ other attorneys will instead receive a reduced lodestar of just $2.5 million to start, with the potential for a multiplier “after we see how much benefit really flows from the settlement” over the next two years, the US District Court for the Northern District of California said.

The shareholder derivative suit followed allegations ...