United States Second Circuit

In this class action case involving alleged violations of the Securities Act and the Securities Exchange Act, the district court approved a final settlement agreement between representative plaintiffs and defendant Bank of America. Approval of the final settlement is affirmed, where: 1) the award of reimbursement costs to representative plaintiffs was reasonable, as the notice to class members identified that reimbursement of litigation expenses would be sought and approximated the costs, and the costs were reasonable given the submitted affidavits accounting for lost work time due to the litigation; 2) the parties were under no obligation to identify the average amount of damages per share in the notice of settlement; and 3) objector-appellants have failed to identify any specific abuse of discretion on the part of the district court in awarding the attorneys' fees.

Appellate Information

• Decided 11/05/2014
• Published 11/05/2014

Judges

Court

• United States Second Circuit

Counsel