In re Foreign Exchange Benchmark Rates Antitrust Litigation
United States District Court for the Southern District of New York
334 F.R.D. 62 (2019)
- Written by Liz Nakamura, JD
Facts
Keith Kornell (plaintiff), a class member, appealed the court’s approval of a class-action settlement award, arguing that the attorney’s fees awarded in the settlement were too high. In approving the settlement, the court had reduced the fee award from 16.5 percent of the class settlement fund to 13 percent. Kornell’s appeal was docketed for a hearing before the Second Circuit. Prior to the hearing date, Kornell reached a settlement agreement with the class action’s class counsel under which Kornell would dismiss his appeal with prejudice in exchange for approximately $300,000 payable from the class counsel’s attorney’s-fee award. Kornell and the class counsel sought court approval of their settlement agreement.
Rule of Law
Issue
Holding and Reasoning (Schofield, J.)
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