Shareholder Seeks Reversal Of Attorney Fee Ruling In Securities Class Action

(January 16, 2018, 1:51 PM EST) -- NEW YORK — A federal district court erred in determining that class counsel may seek an award of attorney fees in a securities class action that was subject to a fee-shifting provision from a common settlement fund because it failed to consider the “strong presumption” standard set forth in the U.S. Supreme Court’s ruling in Perdue v. Kenny A ex rel. Winn, which states that the attorneys’ unenhanced lodestar is a reasonable attorney fee, a shareholder argues in a Dec. 6 appellant brief filed in the Second Circuit U.S. Court of Appeals (Timothy Faig, et al. v. Jeffries LLC, et al., No. 17-2662, 2nd Cir.)....

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