AIG Former Executive Class Action.
As reported in NALFA’s Attorneys Fees Blog, U.S. District Judge Deborah Batts has approved a $115 million settlement reached by class action shareholders in In re American International Group Sec. Litig., Case No. 1:04-cv-08141 (S.D.N.Y.) against former AIG CEO Hank Greenberg and other former AIG executives. She also approved a fee award of $15.24 million to plaintiffs’ attorneys, comprising 13.25% of the settlement.
Visa/MasterCard Merchant Class Action.
Christie Smythe, in an April 12, 2013 post in Bloomberg News, informs us that class action lawyers representing 7 million merchants in an antitrust challenge to interchange fees imposed by Visa Inc. and MasterCard Inc. have requested final approval of a settlement involving $7.25 billion in cash payouts. Also at a final approval hearing scheduled to be heard in September of this year, merchants’ attorneys will be requesting approval of $720 million in fees and $27 million in expenses. 60 plaintiffs’ firms worked on the case for over 8 years; if approved, this might be the largest antiturst class action settlement ever reached. The case is In re Payment Card Interchange Fee and Merchant Discount Antitrust Litig., Case No. 05-md-01720 (E.D.N.Y.).