United States Third Circuit

An award of attorneys' fees in the settlement of a securities fraud class action is affirmed over claims by objectors that the award of attorneys' fees and expenses is unfair and unreasonable because: 1) it was excessive; 2) it employed a sliding scale that provided for the fee percentage to increase rather than decrease as the settlement amount increased; and 3) it provided for payment of the full amount of attorneys' fees before class members would receive payment.

Appellate Information

• Argued 04/24/2006
• Decided 07/20/2006
• Published 07/20/2006

Judges

• Before SCIRICA, Chief Judge, NYGAARD, Circuit Judge, and YOHN, District Judge.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Edward F. Siegel, Esquire (Argued), Cleveland, OH, Stephen Tsai, Esquire, Bridgewater, NJ, for Appellants, Marion Washburn, William A. Hoffmann, III, Jacquelynn D. Frame and Donald J. Frame., Kenneth E. Nelson, Esquire, Kansas City, MO, for Appellants, Marion Washburn and William A. Hoffmann, III., Roy B. Thompson, Esquire, Thompson & Bogran, for Appellants, Jacquelynn D. Frame and Donald J. Frame.


• For Appellees:
  
• Sanford Svetcov, Esquire (Argued), Lerach, Coughlin, Stoia, Geller, Rudman & Robbins, San Francisco, CA, for Appellees, International Brotherhood of Electrical Workers of America, Local 98, The New Hampshire Retirement System, Robert Baker, Mohammed Karkanawi, Mauline Karkanawi, and Secure Holdings, Inc., Rachel B. Niewoehner, Esquire (Argued), David F. Graham, Esquire, Sidley Austin, Chicago, IL, for Appellees, AT & T Corporation and C. Michael Armstrong.