Docket No. 99-7198.

209 F.3d 43 (2000)

Sholem GOLDBERGER, Plaintiff-Appellant, v. INTEGRATED RESOURCES, INC., Arthur H. Goldberg, Jay H. Zises, Phillip H. Cohen, Stanley Spivack, Selig A. Zises, David R. Markin, Ira Leon Rennert, H. Struve Hensel, John Ellis, Richard M. Rosenbaum, Allan R. Tessler and Henry J. Clay, Sr., Touche Ross & Co., Stephen Weinroth, Defendants-Appellees, David H. Pikus, Special Master.

United States Court of Appeals, Second Circuit.

Decided: March 28, 2000.

Attorney(s) appearing for the Case

Melvyn I. Weiss, Milberg Weiss Bershad Hynes & Lerach LLP, New York, NY (Robert P. Sugarman, George A. Bauer III and U. Seth Ottensoser of counsel), for Plaintiff-Appellant.

Arthur N. Abbey, Abbey, Gardy & Squitieri, LLP, New York, NY (Jill S. Abrams of counsel), for Plaintiff-Appellant.

David H. Pikus, Bressler, Amery & Ross, P.C., New York, NY, for amicus curiae seeking affirmance.

Before: McLAUGHLIN, STRAUB, and SACK, Circuit Judges.

McLAUGHLIN, Circuit Judge:

Following the settlement for over $54 million of a securities class action, plaintiffs' counsel sought attorneys' fees of 25% of the recovery, amounting to $13.5 million. The United States District Court for the Southern District of New York (Kram, J.) declined to award that amount. Instead, the court awarded $2.1 million, amounting to about 4% of the recovery, based on counsel's "lodestar" of hours actually and reasonably billed...


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