Panel Upholds Attorney Fee Award In Securities Class Action Settlement

(April 6, 2020, 8:27 AM EDT) -- NEW YORK — A federal district court did not abuse its discretion by failing to apply any presumption in favor of using an unenhanced lodestar in awarding attorney fees in a securities class action lawsuit against a mining company because it had no obligation to “treat the unenhanced lodestar as the presumptive fee,” a Second Circuit U.S. Court of Appeals panel ruled March 17 (City of Birmingham Retirement & Relief System, et al. v. John W. Davis, No. 19-1378, 2nd Cir., 2020 U.S. App. LEXIS 8686)....