Comments on: Big Ted Frank victory on attorney fee markups

By: Ted

Ted — Fri, 02 Aug 2013 20:30:16 +0000

The class members get the $26 million.

By: Bob Lipton

Bob Lipton — Fri, 02 Aug 2013 19:45:09 +0000

I have no objections to what Ted has done, but who is the beneficiary? Will the members of the class benefit by splitting a larger pot, or will Citi benefit by not having to pay these lawyers?

Bob

By: Ed

Ed — Fri, 02 Aug 2013 14:35:12 +0000

It’s just so sad that these poor lawyers will only have to get by on $70.8 million. How will they live? It should be the other way around, they should have only gotten the $26.7 million. In reality they should get nothing, by committing billing fraud they should be disbarred and prosecuted. If I did this in a private business, I’d end up in jail.

By: PointOfLaw Forum

PointOfLaw Forum — Fri, 02 Aug 2013 13:10:26 +0000

$26.7 million victory for CCAF in Citigroup Securities case…

The $100.3 million fee request by class counsel in In re Citigroup Securities Litigation was appalling: Defendant Citigroup pays $25/hour to contract attorneys doing document review. Class counsel wanted an average of $466/hour with a 1.9 multiplier (i…

By: Ted

Ted — Fri, 02 Aug 2013 12:36:25 +0000

Especially appalling was the 15% of the lodestar billed by contract attorneys hired after the case had settled to do purely paper-shuffling document review.