Class action lawyers scoop record $464m fees

Class action lawyers pursuing Tyco International on behalf of shareholders have been awarded nearly half a billion dollars in fees, the largest legal payday in history. The $464 million (£232 million) award, which has been topped up with $28.9 million to cover expenses, will go to three claimant law firms that together secured a $3.2 billion settlement from Tyco and its former auditors. The settlement comprises $2.975 billion from Tyco - the largest amount ever paid by a single defendant - and $225 million from its PricewaterhouseCoopers, its former auditor. The $464 legal fees will be divided between law firms Grant & Eisenhofer, Schiffrin Barroway Topaz & Kessler, and Milberg Weiss.

Class action lawyers scoop record $464m fees Tue, Jan 1, 2008