$1.25 Billion Settlement Yields Potential Fee Recovery of 4 to 7 %
The U.S. Government announced a tentative $1.25 billion ($1,250,000,000) settlement to resolve a racial discrimination action by black farmers who were denied access to USDA loan programs and denied participation in an earlier class action settlement. Although still subject to congressional authorization by March 31, 2010, the attorney’s fees recovery in this suit—if authorized—is not bad at all: somewhere between 4-7% of the potential recovery, which translates to a range of $49-89 million for the class action attorneys.
For more on this story, see the article entitled “Government Announces $1.25 Billion Settlement in Black Farmers Litigation,” posted February 18, 2010 at The Blog of Legal Times.
Farmers at soil conservation meeting, Vernon, Oklahoma, February 1940. Lee Russell, photographer. Library of Congress.