In Dissent, 9th Circ. Judge Rips Fees Equaling $6,700 An Hour
Law360 (September 2, 2020, 11:13 PM EDT) — A split Ninth Circuit panel on Wednesday affirmed the approval of a $14.5 million attorney fee award resolving proposed class claims alleging Bank of America’s overdraft fees violate usury laws, with a dissenting judge criticizing the deal for awarding class counsel fees that come out to $6,700 per hour.
In a six-page opinion, a majority panel held that the district judge accurately calculated class counsel’s fee award based on the percentage of the estimated value of injunctive relief and cash settlement instead of based on the hours they worked on the litigation, by doing a so-called lodestar cross-check.
“In short, neither…