Bloomberg Law
Feb. 12, 2019, 3:59 PM UTC

Madoff Settlement Fund Attorneys Get $19.9 Million

Bernie Pazanowski
Bernie Pazanowski
Reporter

Lead attorneys representing plaintiffs who made claims against investment funds that were manipulated by Bernie Madoff will get $19.9 million for their services.

The attorneys negotiated a settlement fund for the plaintiffs, which is expected to hold $1.45 billion.

The district court awarded the lead attorneys fees equal to the lesser of 3 percent of the fund, or their lodestar amount—the number of hours worked multiplied by a reasonable hourly rate—multiplied by 2.5. The U.S. Court of Appeals for the Second Circuit said the 2.5 multiplier was excessive.

On remand, the lead attorneys calculated their lodestar amount to be $19.9 ...

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