Stericycle Securities Class Lead Counsel Sees Fee Award Tossed

Counsel for plaintiffs in a securities fraud lawsuit against Stericyle Inc. had their 25% fee award tossed Wednesday, with the Seventh Circuit remanding the case for “a fresh determination more in line with what an ex ante agreement would have produced.”

The district court didn’t consider an ex ante fee agreement between one of the plaintiff funds and its counsel, the US Court of Appeals for the Seventh Circuit said.

It also failed to give enough weight to prior related litigation involving Stericycle, which reduced counsel’s risk in taking on the matter, or to the early stage at which the ...