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.
United States Court of Appeals, Second Circuit.
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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