Securities Litigation Watch has an interesting guest post from Wayne Schneider, General Counsel for the New York State Teachers’ Retirement System, on plaintiff attorneys’ fees in securities class actions. Mr. Schneider discusses the success that some public pension funds have had in negotiating contingency fee rates that are considerably lower that the historical rates for these cases.
Quote of note: “Public sector funds are showing in quite dramatic fashion that the 30% plus fees celebrated by legal academics hired to support fee requests are not necessary to provide reasonable compensation for class counsel in federal securities class actions.”
The 10b-5 Daily 