Thursday, November 1, 2007
The federal court in the Tyco securities class action will be asked to approve the $3.2 billion settlement tomorrow, and three plaintiffs' firms have asked for an award of attorneys fees of $460 million, or 14.5% of the settlement. The customary percentage in mega settlements is 10%. Three institutional investors have objected to the size of the award. WSJ, Law Firms to Ask For $460 Million In Tyco-Case Fees.