The Association of U.S. West Retirees is continuing its campaign against the attorneys’ fees being paid out in various settlements related to Qwest’s securities litigation (U.S. West and Qwest merged in 2000). Although the organization failed to reduce the attorneys’ fees in the shareholder litigation over the U.S. West/Qwest merger, it is back again, with some new colorful analogies, to challenge the attorneys’ fees request in Qwest’s recent $400 million securities class action settlement.
Quote of note: “‘It is all too obvious that lead counsel are the mere jackals to the government’s lions, feasting after both the United States Securities Exchange Commission and the United States Justice Department made the kill,’ [counsel for the Association of U.S. West Retirees] wrote. But ‘unlike the jackal, they seek the lion’s share’ of the settlement.”
The 10b-5 Daily 