The Coca-Cola securities class action continues to make news. After the “sale of stolen company documents” controversy, the case was settled earlier this year for $137.5 million.
The Fulton County Daily Report has an article on the court’s decision to reduce the fee award from 26% to 21% of the common fund – about a $7 million difference – and reject $4 million in claimed expenses. Among other things, the court complained about the percentage of work done by high-billing attorneys, declined to reimburse on-line research costs, and criticized the per-day travel costs.
Quote of note (decision): “This Court is not troubled by the apparent fact that [the plaintiffs’] attorneys seek high comfort on their journeys, but neither should the class finance such a lifestyle. This Court finds that a client could reasonably expect to pay $300 per night for his attorney’s food and lodging on domestic trips, and that is the level at which this Court will reimburse [the firm] for its travel.”