fbpx
News
September 28, 2018

Judge Wants To “Police Potential Abuse of the Judicial Process” When It Comes to Attorneys’ Fees

A U.S. District Judge in Illinois said he will “exercise its inherent powers to police potential abuse of the judicial process” in questioning why the plaintiffs’ attorneys in a securities class action should be awarded $300,000 in fees, the Cook County Record reports.

The fee request comes in a securities class action case against a generic drug manufacturer that was withdrawn. Judge Thomas M. Durkin said the court will “require plaintiffs’ counsel to demonstrate that the disclosures for which they claim credit meet” a standard from a Seventh Circuit decision, In re Walgreen Co. Stockholder Litigation. In that case, the judge said attorneys’ fee requests in disclosure lawsuits are “no better than a racket” and “should be dismissed out of hand” unless the disclosures achieved are “plainly material.”

Judge Durkin ordered the attorneys to file a brief on the issue by November 1.

Podcasts Episode 18: Why Federal Securities Suits Don’t Belong in State Court Securities Litigation Reform Stock data News D&O Diary Looks At 2021 Litigation Trends Securities Litigation Reform News D&O Diary Blog Calls For Congress To Take Up Securities Reforms Proposed In New ILR Briefly Securities Litigation Reform Blog D&O Diary: "Institute for Legal Reform: Congress Should Enact Reforms to Address Cyan" Securities Litigation Reform News In The News-August 16, 2021 Securities Litigation Reform

Cookie Notice

By clicking “I Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

Cookie Notice

By clicking “I Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Review Settings