pension fund asks judge to cut legal fees
Rocky Mountain News
Thursday, March 2, 2006
A New York pension fund on Wednesday asked a Denver federal
judge to substantially reduce the $96 million in legal fees
sought by the attorneys representing shareholders in a $400
million class-action settlement with Qwest Communications.
The New York State Teachers' Retirement Fund, in a filing
Wednesday in U.S. District Court in Denver, claimed the 24
percent fee is excessive and cited examples of other fee
awards that had ranged from 4 percent to 17 percent.
The plaintiff attorneys, led by Lerach Coughlin Stoia Geller
Rudman & Robbins of San Diego, have argued that a $96
million fee is reasonable given the time and labor involved
in the complex securities case. They also are asking for
$2.2 million to cover out-of-pocket expenses. A decision is
expected this spring.