It would be the largest payday ever in a securities class action suit: three law firms tomorrow will ask a federal judge in New Hampshire to approve $460 million in fees and $29 million in expenses for their work for the plaintiffs in the suit against Tyco, the Wall Street Journal reports. Tyco has agreed to a record $3.2 billion settlement.
The firms, Grant & Eisenhofer; Milberg Weiss; and Schiffrin, Barroway, Topaz & Kessler, say they invested 488,000 hours in the suit that alleges Tyco execs inflated the company’s worth. PricewaterhouseCoopers, Tyco’s auditor and also a defendant, agreed to pay $225 million. The 14.5% fee request is above the norm of about 10% for mega securities settlements.