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Record Class Action Attorney Fee Award As Plaintiff Lawyers in Class Action Against Tyco Awarded $464 Million in Attorney Fees

District Court Awards Class Action Counsel Record $464 Million following $3.2 Billion Settlement in Class Action Against Tyco and its Auditors

Characterizing the case as “enormously complex,” United States District Court Judge Barbadoro awarded counsel for class action plaintiffs $464 million in legal fees and $29 million in costs arising out of the securities fraud class action lawsuit against Tyco and its auditors. The underlying class action settled for $3.2 billion, so the fee award to class action counsel represented 14.5% of the settlement. The attorney fee awarded eclipsed the previously record award of $366 (plus $10 million in costs) awarded to class action counsel following the $6.1 billion settlement in the WorldCom class action.