Friday, March 23, 2007

Fee Reduction Affirmed

The New York Appellate Division, First Judicial Department affirmed a surrogate's decision directing Chadbourne & Parke to return over $720,000 in fees plus interest of over $376,000 to JPMorgan Chase Bank. The lower court had found the charged fees reasonable "only to the extent of the...award." The firm was not entitled to a success premium because "Chadbourne actually opposed the result for which it... [sought] a 'premium', and delayed the consummation of the settlement while it sought releases for its individual clients, providing no benefit to the estate." The firm's claim for disbursements also was held to be properly reduced. (Mike Frisch)

http://lawprofessors.typepad.com/legal_profession/2007/03/fee_reduction_a.html

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