If you were a plaintiffs' lawyer who obtained a billion-dollar settlement in a securities class action in federal court, you’d be lucky to be awarded $150 million in fees. It’s more likely that your fees from the megafund recovery would be between $100 million and $120 million, or 10% to 12%.
and its controlling shareholders were not litigating in federal court. Their breach of duty case over a controversial stock swap was in Delaware Chancery Court.on Monday, Vice Chancellor Travis Laster reminded all involved that Delaware is different.
That was not the outcome sought by several investment funds, led by Pentwater Capital Management, that. The funds, which collectively own shares totaling more than a quarter of the class that settled with Dell, called for Laster to apply the “declining percentage” principle that predominates in federal securities cases. The funds did not specify what an appropriate percentage would be but cited the 10.5% median award for billion-dollar settlements in federal court.
That’s generally not true for M&A breach-of-duty cases, Laster said. Shareholder claims are more likely to require independent investigation and to be litigated well beyond dismissal motions. Even winning at trial is no guarantee of success, the vice chancellor said, since Delaware’s Supreme Court has in the last several years overturned at least four post-trial money judgments for shareholders.
Shareholder lawyers from Labaton, Quinn, Robbins Geller and the other two firms did not respond to my query on Laster’s ruling.
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