In Re: Bank of America Corp.
Flanagan appealed the district court's denial of the law firm's request for attorneys' fees drawn from a settlement fund in a consolidated securities class action. The court held that the standard set forth in In re Cendant Corp. Litig. (Cendant II) applies to fee applications from non‐lead counsel for work completed after the appointment of lead plaintiff and lead counsel where the fee to non‐lead counsel is one part of a capped percentage of a common fund. In this case, the district court should have afforded a rebuttable presumption of correctness to Lead Plaintiffs’ proposed allocation of fees to Flanagan. Because the district court analyzed Flanagan's request under an incorrect standard, the court vacated the order and remanded for further proceedings. View "In Re: Bank of America Corp." on Justia Law