Lange et al v. Massachusetts Mutual Life Insurance Company et al

Filing 1286

ORDER OVERRULING OBJECTIONS OF THE "TREMONT FUND OBJECTORS" AND ACCEPTING THE REPORT OF THE MAGISTRATE JUDGE AS THE OPINION OF THE COURT for (1258 in 1:08-cv-11117-CM-GWG) Motion for Attorney Fees, filed by Arthur E. Lange Revocable Tr ust, (1283 in 1:08-cv-11117-CM-GWG) Report and Recommendations. In his excellent Report, Judge Gorenstein anticipated and answered every objection raised by the Tremont Fund Objectors. I find no flaw in his reasoning. Therefore, for substantially the reasons articulated by Class Counsel in their Response to the Objections, I overrule the objections in their entirety; adopt the Report as the Opinion of the Court; and award Class Counsel attorney's fees in the amount of $19,866,014.25 , as recommended by the learned Chief Magistrate Judge. The Clerk of Court is directed to enter judgment and to close the case. (Signed by Judge Colleen McMahon on 3/15/2019) Filed In Associated Cases: 1:08-cv-11117-CM-GWG et al. (mml) Transmission to Orders and Judgments Clerk for processing.

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In re: TREMONT SECURITIES LAW,
STATE LAW AND INSURANCE
LITIGATION

Master File No:
08 Civ. 11117 (CM)(GWG)

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ORDER OVERRULING OBJECTIONS OF THE "TREMONT FUND
OBJECTORS" AND ACCEPTING THE REPORT OF THE MAGISTRATE
JUDGE AS THE OPINION OF THE COURT
McMahon, C.J.:
This Madoff-related class action was litigated before and settled by my late
lamented colleague, The Hon. Thomas P. Griesa. On appeal by certain objectors, the United
States Court of Appeals for the Second Circuit affirmed Judge Griesa's handiwork in nearly
every respect. It remanded the case for one reason and one reason only: to revise the lodestar cap
downward, to reflect what the Circuit deemed counsel's limited risk in bringing this action. In re
Tremont Sec. Law, State Law and Ins. Litig., 699 F. App'x 8, 18 (2d Cir. 2017), cert denied sub
nom. Haines v. Lange, 138 S. Ct. 1264 (2018).
Judge Griesa having died on December 24, 2017, this matter was reassigned to my
docket. I asked Chief Magistrate Judge Gabriel W. Gorenstein to prepare a Report on Remand.
This he has done. He recommends that attorneys' fees for Class Counsel be awarded in the
amount of $19,866.25, based on a revised lodestar of 1.0 - which is to say, no multiplier (the
original lodestar multiplier awarded by Judge Griesa was 2.5). Class counsel have represented
that any remaining work they are required to do will be performed without further compensation.
Nonetheless eight individuals, styling themselves the Tremont Fund Objectors, have filed
objections to the Report. They principally concern issues that go well beyond the mandate.
In his excellent Report, Judge Gorenstein anticipated and answered every objection raised
by the Tremont Fund Objectors. I find no flaw in his reasoning.
Therefore, for substantially the reasons articulated by Class Counsel in their Response to
the Objections, I overrule the objections in their entirety; adopt the Report as the Opinion of the
Court; and award Class Counsel attorney's fees in the amount of$19,866,014.25, as
recommended by the learned Chief Magistrate Judge.
The Clerk of Court is directed to enter judgment and to close the case.

Dated: March 15, 2019

Chief Judge
BY ECF TO ALL COUNSEL