Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Lexmark Securities Settlement OK’d, but Lawyers Get Lower Fees

Jan. 8, 2021, 5:45 PM

Lexmark International Inc. and its investors secured final approval for their $12 million settlement, but attorneys for the class will get slightly less in fees than they asked for, partly due to unusual billing for a summer associate’s work, a federal judge in New York said.

The cash settlement resolves claims that the printer maker misled investors about excess inventory. “No class members objected or opted out, which strongly favors approval,” the U.S. District Court for the Southern District of New York said.

The deal represents about 10% of the investors’ estimated damages, and 38% of the estimated recovery ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.