A federal appeals court on Tuesday ruled that plaintiffs’ lawyers who netted $85 million in attorneys’ fees in a $1 billion benefits class action are not owed additional fees.
A unanimous three-judge panel of the U.S. Court of Appeals for the D.C. Circuit rejected the plaintiffs’ attorneys’ argument that the Pension Benefit Guaranty Corp violated an agreement to wrap up their involvement in the case. Under that deal, PBGC assumed responsibility for distributing money to class members while continuing to pay a portion of those awards as attorneys’ fees for 10 years.
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