It has been a long journey for the IPO allocation cases, but it looks like the end is in sight. The parties have filed a global settlement agreement (issuers and underwriters) with the court. The settlement amount is $586 million, a sharp decline from the amounts being considered prior to the Second Circuit’s decision to deny class certification in some representative cases.
Could this be the final post on the IPO allocation cases (6 years and 17 posts later)? Don’t despair – there’s always the possibility of an attorneys fees dispute. Counsel for the plaintiffs is requesting $195.3 million in fees on top of $56 million in expenses. The WSJ Law Blog and Bloomberg have reports.