The Jackal Hunter

The Association of U.S. West Retirees failed to reduce the attorneys’ fees in the shareholder litigation over the U.S. West/Qwest merger, but its challenge to the attorneys’ fees request in Qwest’s $400 million securities class action settlement has been more successful. In a colorful analogy, the Association stated in its court filing 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.” The district judge evidently agreed. The Rocky Mountain News reports that in approving the settlement the court reduced the proposed attorneys’ fees by $36 million (from $96 million to $60 million). Thanks to Securities Litigation Watch for the link.