Wisconsin Passes into Law Presumptive Three Times Fee Cap.
Effective December 20, 2011, Wisconsin recently enacted legislation requiring judges to award attorney’s fees no more than 3 times damages in many cases. (2011 Wisconsin Act 92.) Although this cap establishes a presumptively reasonable fee award, a court can award a greater amount after examining a panoply of lodestar factors.
Pennsylvania Supreme Court Nixes Multipliers For M-M Claims.
In Samuel-Bassett v. Kia Motors America, Inc., Nos. 22 EAP 2008 et al. (Pa.Sup.Ct. Dec. 2, 2011), the Pennsylvania Supreme Court denied a 1.3 multiplier on a requested lodestar in the Kia braking system class action. The reason? The Magnuson-Moss Warranty Act does not provide for discretionary fee enhancement.
Delaware Chancery Court Approves Monster $285 Million Fee Recovery in Southern Cooper Shareholder Action.
A judge of the Delaware Chancery Court on December 19, 2011 approved a $285 million fee award to plaintiffs’ counsel in a shareholder lawsuit against Southern Cooper. Plaintiffs’ counsel had requested $428.2 million in fees, and defendant suggested that fees of less than $14 million were justified. This one comes in at number three on the shareholder fee recovery list, compared to $688 million in fees awarded in the Enron litigation and $492 million in the Tyco litigation.