Tyco-Case Lawyers Seek Record $460M Fee

Claim 488,000 hours working for plaintiff
By Jim O'Neill,  Newser User
Posted Nov 1, 2007 2:32 PM CDT
Tyco Headquarters.   (Getty Images)
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(Newser) – 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.