4 ms·
>Attorneys' fees in a class action have to be approved by the court, and for large class actions the percentage fee tends to be lower than what a privately-reta
by hueving 9y ago
>Attorneys' fees in a class action have to be approved by the court, and for large class actions the percentage fee tends to be lower than what a privately-retained lawyer would receive.
>$5.7 billion settlement, about $500 million in attorneys' fees, or less than 10% of the fund. $160 million worth of time invested by the attorneys to get to that point.
How often to private retained attorneys get $320 million in pure profit. Additionally the 'time invested' already has income for all of the involved lawyers.
- tptacek 9y agoThis is contingency work. The winning cases have to pay for the losing cases. When they lose, the lawyers invest $160MM worth of very real payroll and consulting fees and get nothing.