Judge in Controversial Securities Lawsuit May Appoint New Class Counsel

U.S. District Judge Mark Wolf said he may appoint new class counsel in a securities class action lawsuit after a special master filed a sealed report on potential overbilling in a $75 million fee request, National Law Journal reports.

Judge Wolf said the report and its recommendations, written by retired U.S. District Chief Judge Gerald Rosen, “raise[s] questions” about a potential conflict of interest and “whether new class counsel should be appointed to provide independent advice to the class.” Rosen said in February that the report could have “serious and far-reaching adverse ramifications” for the case and “for the practice of the plaintiffs’ class action bar.”

A hearing on this issue is scheduled for today.