Investor: Attorney Fee Award In Securities Class Action Settlement Excessive

Mealey's (June 10, 2019, 1:38 PM EDT) -- SAN FRANCISCO — A federal district court abused its discretion in awarding lead counsel in a securities class action against Wells Fargo & Co. 20 percent of a $480 million settlement for attorney fees because the amount sought was significantly higher than the amount it should have received, a shareholder argues in a June 5 appellant brief filed in the Ninth Circuit U.S. Court of Appeals (Gary Hefler, et al. v. Thomas Pekoc v. Wells Fargo & Co., et al., No. 19-15140, 9th Cir.)....