Attorneys Behind $33 Million Fluor Settlement Denied Fee Boost

Attorneys who negotiated a $33 million settlement in a securities class action suit against Fluor Corp. were denied a multiplier on their fee award by a federal judge who criticized the Fifth Circuit’s method for calculating reasonable fees in such cases.

The settlement with investors who claimed they were misled by the company about its construction project bidding strategy and scheduling was approved by the US District Court for the Northern District of Texas in 2022. Counsel for the plaintiffs, including lead counsel Robbins Geller Rudman & Dowd LLP and Pomerantz LLP, argued that they should receive a 30% fee, ...