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ARTICLE · 25 JULY 2018

Special Master Recommends Return Of $10.6 Million In Attorneys' Fees To Class Members

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Former U.S. District Judge Gerald Rosen, the Special Master appointed to investigate alleged improper billing by class plaintiffs' firms in Arkansas Teacher Retirement System v. State Street Bank and Trust Company.

United StatesLitigation, Mediation & Arbitration
Kevin Mortimer
Kevin Mortimer
Peter Saparoff
Peter Saparoff
Joel Rothman
Joel Rothman
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Former U.S. District Judge Gerald Rosen, the Special Master appointed to investigate alleged improper billing by class plaintiffs' firms in Arkansas Teacher Retirement System v. State Street Bank and Trust Company, recommended that the firms return up to $10.6 million of the $74.5 million in attorneys' fees awarded to them after reaching a $300 million settlement in the underlying class action. If upheld, the results of the Judge Rosen's report will likely have both negative and positive impacts. For example, it may create some barriers to the effective prosecution of plaintiffs' securities cases, but it also may lead to more detailed scrutiny of fee applications to the benefit of class members.

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