City of Dearborn Heights Act 345 Police & Fire Retirement System v. Chicago Bridge & Iron Company N.V. et al

Filing 446

ORDER ON PLAINTIFFS' MOTION FOR AN AWARD OF ATTORNEYS' FEES AND EXPENSES: THEREFORE ORDERED, ADJUDGED, AND DECREED: Pursuant to 15 U.S.C. § 78u-4(a)(4), Plaintiffs' Counsel's request for an award of $14,666,667 in attorn eys' fees, plus accrued interest on that amount, is approved. Having reviewed Plaintiffs' Counsel's application and all applicable legal authorities, the Court finds that a baseline for Plaintiffs' Counsel's attorneys' f ees in this case is the comparable median percentage from NERA Economic Consulting, Recent Trends in Securities Class Action Litigation: 2021 Full-Year Review (Jan. 25, 2022), being 27.1%, where the settlement value for securities class actions is between $25 million and $100 million. Upon application of the factors set forth by the Second Circuit in Goldberger v. Integrated Res., Inc., 209 F.3d 43 (2d Cir. 2000), and in particular the time and labor expended by counsel (as reflec ted by Plaintiffs' Counsel's lodestar), for substantially the reasons argued in Plaintiffs' memorandum of law, the Court finds an adjustment of that baseline fee percentage to 33 1/3% to be reasonable and appropriate. 50% of the awarded attorneys' fees shall be payable upon entry of this Order, with the remaining 50% to be payable after substantially all of the Recognized Claims have been paid from the Settlement Fund upon application to the Court. Plaintiffs&# 039; Counsel's request for reimbursement of litigation expenses in the amount of $3,462,683.78, plus accrued interest on that amount, is approved. The Court has reviewed these expenses and finds that they are reasonable and appropriate. The awarded expenses shall be payable to Plaintiffs' Counsel upon entry of this Order. SO ORDERED. (Signed by Judge Lorna G. Schofield on 8/05/2022) (ama)

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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IN RE CHICAGO BRIDGE & IRON
COMPANY N.V. SECURITIES
LITIGATION

CASE NO. 1:17-CV-1580
REVISED [PROPOSED] ORDER
ON PLAINTIFFS’ MOTION
FOR AN AWARD OF
ATTORNEYS’ FEES AND
EXPENSES

This matter came before the Court upon a Final Approval Hearing on July 25, 2022. During
the Final Approval hearing, the Court considered, among other things, Plaintiffs’ Motion for an
Award of Attorneys’ Fees and Expenses. At the Final Approval Hearing, the Court instructed
Plaintiffs to submit certain supplemental information regarding, inter alia, Plaintiffs’ request for
attorneys’ fees. The motion is unopposed by Defendants and no objections were made to it. Having
considered the motion papers, Plaintiffs’ supplemental submission, the Stipulation of Settlement
which the Court preliminarily approved on February 7, 2022 and has now finally approved, the
arguments of counsel, and all files, records, and proceedings in this Action, and otherwise being
fully informed in the premises as to the facts and the law.
THEREFORE ORDERED, ADJUDGED, AND DECREED:
1.

Pursuant to 15 U.S.C. § 78u-4(a)(4), Plaintiffs’ Counsel’s request for an award of

$14,666,667 in attorneys’ fees, plus accrued interest on that amount, is approved. Having reviewed
Plaintiffs’ Counsel’s application and all applicable legal authorities, the Court finds that a baseline
for Plaintiffs’ Counsel’s attorneys’ fees in this case is the comparable median percentage from
NERA Economic Consulting, Recent Trends in Securities Class Action Litigation: 2021 Full-Year

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Review (Jan. 25, 2022), being 27.1%, where the settlement value for securities class actions is
between $25 million and $100 million. Upon application of the factors set forth by the Second
Circuit in Goldberger v. Integrated Res., Inc., 209 F.3d 43 (2d Cir. 2000), and in particular the
time and labor expended by counsel (as reflected by Plaintiffs’ Counsel’s lodestar), for
substantially the reasons argued in Plaintiffs’ memorandum of law, the Court finds an adjustment
of that baseline fee percentage to 33 1/3% to be reasonable and appropriate. 50% of the awarded
attorneys’ fees shall be payable upon entry of this Order, with the remaining 50% to be payable
after substantially all of the Recognized Claims have been paid from the Settlement Fund upon
application to the Court.
2.

Plaintiffs’ Counsel’s request for reimbursement of litigation expenses in the amount

of $3,462,683.78, plus accrued interest on that amount, is approved. The Court has reviewed these
expenses and finds that they are reasonable and appropriate. The awarded expenses shall be
payable to Plaintiffs’ Counsel upon entry of this Order.
SO ORDERED.
DATED: August 5, 2022
New York, New York

HONORABLE LORNA G. SCHOFIELD
UNITED STATES DISTRICT JUDGE

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