June 29, 2018 / 12:11 AM / 20 days ago

CORRECTED - Law firms should repay millions in State Street class action fees: report

A retired federal judge probing the billing practices of three law firms behind a $300 million settlement with State Street Corp says errors and “highly questionable” conduct should result in them repaying attorneys fees, resulting in up to $8.1 million being returned to the customers in the class action.

In a report unsealed on Thursday, Gerald Rosen, the retired judge tasked with reviewing the firms’ billing records, in particular cited the failure of New York’s Labaton Sucharow to disclose that $4.1 million would go to a lawyer uninvolved in the class action over inflated foreign exchange fees.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2tEZ9dN

This story has been corrected to clarify that the up $8.1 million that was recommended to be returned to the class is not the entirety of the funds that the law firms face having to repay.

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