Plaintiffs’ lawyers have asked the U.S. District Court for the Northern District of Illinois for $8 million of a $24 million settlement in a securities class action suit against a pharmaceutical company, reports the Cook County Record.
This is a large request for a settlement of this size. According to a NERA study on all securities class action settlements from 2016, the median fee cut of a $24 million settlement was 27.5%.
The three named plaintiffs in this case would receive only $10,000 of the settlement. The attorneys will also be reimbursed for expenses up to $450,000.