2nd Circuit Refuses to Boost Milberg’s Fees in Nortel Class Action
The 2nd U.S. Circuit Court of Appeals has shot down class action law firm Milberg's bid to boost its attorney fees from the settlement of shareholder litigation against Nortel Networks Corp. On appeal, Milberg said the lead plaintiff in the case had consented to an 8.5 percent award -- or about $101 million -- and, citing a 2005 decision by the 3rd Circuit, the firm argued that the 1995 Private Securities Litigation Reform Act holds such negotiated fees to be presumptively reasonable.
