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Lawyers' Fees Disputed in Qwest Settlement

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At a glance:

The class action against Qwest was settled in November, but the percentage going to the lawyers is still in dispute. 
 
Qwest shareholders sued because accounting frauds affected the stock price, and won a $400 million settlement; however attorneys would get $96 million of that, or 24%. 
 
Some investors and investors groups think that is too much, and out of line with similar cases.  
 
A US district judge is hearing the matter of the fee dispute.

Hearing today on Qwest payout

Rocky Mountain News - 5/19/2006 2:17 AM

Qwest Communications International Inc.'s agreement to pay $400 million to settle accounting fraud claims drew criticism from investors saying the plan to pay $96 million to lawyers is too lavish.
 
The class-action settlement would resolve claims over bogus sales at Denver- based Qwest, the No. 4 U.S. local phone company. Qwest lost $80 billion in market value from 1999 to 2002, as shares fell from $60 to $1.49. Some investors want lawyers led by Lerach Coughlin Stoia Geller Rudman & Robbins, who billed as much as $850 an hour, to get less than 24 percent of the total.
 
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