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SUTTON v. BERNARD

No. 06-3778.

504 F.3d 688 (2007)

Doug SUTTON and Prescott Nottingham, on behalf of themselves and all others similarly situated, Plaintiffs, v. Robert F. BERNARD, et al., Defendants. Appeal of: Milberg Weiss Bershad & Schulman LLP, lead counsel for plaintiffs, on behalf of itself and all other counsel for plaintiffs.

United States Court of Appeals, Seventh Circuit.

Decided October 12, 2007.

Attorney(s) appearing for the Case

Brad Friedman (argued), Milberg Weiss, New York, NY, Matthew E. Van Tine, Miller Law, Chicago, IL, for Plaintiffs.

James E. Hanlon, Jr., Howrey, Simon, Arnold & White, Chicago, IL, for Defendants.

Before KANNE, WILLIAMS, and SYKES, Circuit Judges.

WILLIAMS, Circuit Judge.

The legal claims in this multimillion dollar securities class action have been settled. The issue of attorneys' fees for class counsel, however, has not. Having saved the calculation of the fee award for the end of the litigation, the district court concluded that the "degree of success" obtained for the class was the controlling factor in its decision. As we explain more fully below, the district court failed to approximate what the market...

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