We thank our friends at the National Association of Legal Fee Analyses (NALFA) for recent posts on its Attorney Fee Blog, which we have culled and now summarize for you.
U.S. Trustee Proposed Guidelines.
NALFA’s September 1, 2012 post: The U.S. Trustees Program met in May of this year to discuss proposed billing guidelines designed to curb rising fees in Chapter 11 bankruptcy cases, with the proposed guidelines actually contained in the post. (So far, for example, $1.6 billion in feees have been netted in Lehman Bros.’ Chapter 11 case, according to the post.)
Avandia MDL Class Action Lawyers Request Up To $143.75 Million in Fees.
September 20, 2012 post: Lawyers in the Avandia MDL case are requesting up to $143.75 million in attorneys fees and costs under the common benefit doctrine, which amounts to 6.25% of the settlements reached to date.
Delaware Supreme Court Lets Stand Shareholder Law Fee Award of $305 Million.
September 21, 2012 post: The Delaware Supreme Court refused to revisit its $305 million fee award, believed to be the largest ever, in a shareholder derivative lawsuit brought on behalf of Southern Cooper Corp. shareholders.
Fannie Mae and Freddie Mac Legal Expenses Soar to Defend Ex-Executives.
September 27, 2012: Legal bills for defense of former executives at Fannie Mae and Freddie Mac are estimated to total $97 million for former CEO Franklin D. Raines and others, about $37 million of which has already been paid by the government.
B of A Class Action Attorneys Seek $150 Million in Fees.
October 1, 2012: Attorneys in the Bank of America class action involving the Merrill Lynch acquisition will seek to recoup $150 million in attorney’s fees (6% of the settlement fund, which is lower than the 11.1% median usually seen in securities cases).
JP Morgan Chase Ups Third Quarter Legal Expense Reserve.
October 18, 2012: JP Morgan Chase & Co. has set aside an additional $684 million in the third quarter of this year for litigation expenses, apparently for more residential subprime mortgage suits and for defense of some class actions.