Panel Upholds District Court's Attorney Fee Award In Shareholder Action

Mealey's (October 7, 2020, 2:04 PM EDT) -- NEW YORK — A federal district court did not abuse its discretion in awarding only a portion of the attorney fees sought by an objector to a $3 billion securities class action settlement with Brazilian oil company Petróleo Brasileiro S.A. (Petrobras) and others because it correctly determined the appellant's objections to the shareholders' attorney fees request post-settlement to be distinct, a Second Circuit U.S. Court of Appeals panel ruled Oct. 2 (In re:  Petrobras Securities Litigation [William Thomas Haynes v. Universities Superannuation Scheme Limited, et al.], No. 19-3531, 2nd Cir., 2020 U.S. App. LEXIS 31431)....