Jaffe, et al v. Morgan Stanley DW, Inc.

Filing 248

ORDER GRANTING application for attorneys fees and reimbursement of costs and expenses. Signed by Judge Thelton E. Henderson on 10/21/08. (rbe, COURT STAFF) (Filed on 10/22/2008)

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Kelly M. Dermody (SBN 171716) Heather H. Wong (SBN 238546) LIEFF, CABRASER, HEIMANN & BERNSTEIN, LLP 275 Battery Street, 30th Floor San Francisco, CA 94111-3339 Telephone: (415) 956-1000 Facsimile: (415) 956-1008 Email: kdermody@lchb.com Email: hwong@lchb.com James M. Finberg (SBN 114850) Eve H. Cervantez (SBN 164709) ALTSHULER BERZON LLP 177 Post Street, Suite 300 San Francisco, CA 94108 Telephone: (415) 421-7151 Facsimile: (415) 362-8064 Email: jfinberg@altshulerberzon.com Attorneys for the Plaintiff [Additional Counsel Listed on Signature Page] Adam T. Klein (pro hac vice) Piper Hoffman (pro hac vice) Justin Swartz (pro hac vice) OUTTEN & GOLDEN LLP 3 Park Avenue, 29th Floor New York, NY 10016 Telephone: (212) 245-1000 Facsimile: (212) 977-4005 Email: atk@outtengolden.com Email: ph@outtengolden.com Email: jms@outtengolden.com UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO/OAKLAND DIVISION MARGARET BENAY CURTIS-BAUER, on behalf of herself and all others similarly situated, Plaintiff, v. MORGAN STANLEY & CO. INCORPORATED, f/k/a MORGAN STANLEY DW, INC., Defendant. Case No. C 06-3903 TEH CLASS ACTION [PROPOSED] ORDER GRANTING APPLICATION OF PLAINTIFF FOR ATTORNEYS FEES AND REIMBURSEMENT OF COSTS AND EXPENSES Date: Time: Place: Judge: June 16, 2008 10:00 a.m. Courtroom 12 Thelton E. Henderson 761490.1 [PROPOSED] ORDER GRANTING APP. OF PLTF FOR ATTYS FEES AND REIMBURSEMENT OF COSTS AND EXPENSES Case No. C 06-3903 TEH 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 The parties to this class action lawsuit alleging race discrimination against Defendant Morgan Stanley & Co., Incorporated ("Morgan Stanley") settled the action and entered into a proposed Settlement Agreement that provides for comprehensive injunctive and monetary relief for the class. The proposed Settlement also provides, inter alia, for an award of $800,000 in attorneys' fees and costs to Class Counsel, plus $150,000 per year during the five-year term of the Settlement to cover future fees and expenses related to monitoring and enforcing the Settlement, plus interest accruing on all fees and expenses from the date on which the Settlement is funded until such fees and expenses are disbursed to Class Counsel. (See Settlement Agreement, Docket No. 159, XII.) Plaintiff applied to this Court for preliminary approval of the Settlement Agreement and the terms thereof. On February 7, 2008, this Court granted preliminary approval to the Settlement Agreement attached as Exhibit 1 to this Court's February 7, 2008 Preliminary Approval Order. (Docket No. 158). The Preliminary Approval Order directed that notice of the Settlement Agreement, its terms, and the applicable procedures and schedules be provided to the proposed class (including specific notice about the amount of attorneys fees and costs requested) and set a final Fairness Hearing for June 16, 2008, to determine whether the Settlement Agreement should be granted final approval, pursuant to Federal Rule of Civil Procedure 23(e), as "fair, adequate and reasonable." Proposed Class members were given an opportunity to comment on the settlement, including the provision for an award of attorneys' fees and costs to Class Counsel. No Class member objected to the amount of attorneys' fees and costs requested. Class Counsel filed an Application of Plaintiff for Attorneys' Fees and for Reimbursement of Costs and Expenses ("Plaintiff's Application"), requesting that the Court find the requested amount of $800,000 in attorneys' fees and costs to Class Counsel, plus $150,000 per year during the five-year term of the settlement to cover future fees and expenses related to monitoring and enforcing the settlement, plus interest accruing on all fees and expenses from the date on which the settlement is funded until such fees and expenses are disbursed to Class Counsel to be fair, reasonable, and adequate. 761490.1 -1- [PROPOSED] ORDER GRANTING APP. OF PLTF FOR ATTYS FEES AND REIMBURSEMENT OF COSTS AND EXPENSES Case No. C 06-3903 TEH 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 761490.1 NOW, THEREFORE, IT IS HEREBY ORDERED, upon consideration of the Settlement Agreement; Plaintiff's Application and supporting declarations, and the proceedings in this action to date, that the Application of Plaintiff for Attorneys' Fees and for Reimbursement of Costs and Expenses in the amount of $800,000 in attorneys' fees and costs to Class Counsel, plus $150,000 per year during the five-year term of the settlement to cover future fees and expenses related to monitoring and enforcing the settlement, plus interest accruing on all fees and expenses from the date on which the settlement is funded until such fees and expenses are disbursed to Class Counsel is GRANTED. Pursuant to Plaintiff's Application and the terms of the Settlement Agreement, the Court awards $800,000 in attorneys' fees and costs to Class Counsel, plus $150,000 per year during the five-year term of the settlement to cover future fees and expenses related to monitoring and enforcing the settlement, plus interest accruing on all fees and expenses from the date on which the settlement is funded until such fees and expenses are disbursed to Class Counsel. These amounts were negotiated by the parties under the terms of the Settlement Agreement. The Court finds that the amount requested in attorneys' fees, costs, and expenses, which Morgan Stanley has agreed to pay as part of the settlement of this matter, is fair and reasonable under both the "lodestar" and the "common fund" methods. Specifically, the Court finds that Class Counsel's reasonable lodestar exceeds the amount Plaintiff requests in attorneys' fees and costs. Analyzed under the percentage method, the Court finds that the attorneys' fees sought by Plaintiff are only 5% of the monetary relief set forth in the Settlement. That percentage is well under the Ninth Circuit's 25% benchmark, and is fair and reasonable in this case. Further, the Court finds that the number of hours expended by Class Counsel in this matter is reasonable, as are the hourly rates of Counsel. Accordingly, this Court hereby awards $800,000 in attorneys' fees and costs to Class Counsel, plus $150,000 per year during the five-year term of the settlement to cover future fees and expenses related to monitoring and enforcing the settlement, plus interest accruing on all fees and expenses from the date on which the settlement is funded until such fees and expenses are -2- [PROPOSED] ORDER GRANTING APP. OF PLTF FOR ATTYS FEES AND REIMBURSEMENT OF COSTS AND EXPENSES Case No. C 06-3903 TEH 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 disbursed to Class Counsel, and finds that those amounts are fair, reasonable, and adequate. IT IS SO ORDERED. 10/21/08 Dated: _________ S S DISTRICT TE C TA Thelton E. Henderson UNIT ED United States District Judge Ju ER N D IS T IC T R OF 761490.1 -3- [PROPOSED] ORDER GRANTING APP. OF PLTF FOR ATTYS FEES AND REIMBURSEMENT OF COSTS AND EXPENSES Case No. C 06-3903 TEH A C LI FO lton E. H dge The enderso n R NIA RT U O NO RT H

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