AUSWR
The Association of U S West Retirees
 

 

 

N.Y. pension fund asks judge to cut legal fees
Business Briefs
Rocky Mountain News
Thursday, March 2, 2006

A New York pension fund on Wednesday asked a Denver federal judge to substantially reduce the $96 million in legal fees sought by the attorneys representing shareholders in a $400 million class-action settlement with Qwest Communications.

The New York State Teachers' Retirement Fund, in a filing Wednesday in U.S. District Court in Denver, claimed the 24 percent fee is excessive and cited examples of other fee awards that had ranged from 4 percent to 17 percent.

The plaintiff attorneys, led by Lerach Coughlin Stoia Geller Rudman & Robbins of San Diego, have argued that a $96 million fee is reasonable given the time and labor involved in the complex securities case.  They also are asking for $2.2 million to cover out-of-pocket expenses.  A decision is expected this spring.

http://www.rockymountainnews.com/drmn/other_business/article/0,2777,DRMN_23916_4507726,00.html