There is another form of charitable giving, which happens without much fanfare, each year. It is called cy pres, and it often results in money diverted away from people to whom it is owed and toward causes they may or may not support.
HLLI is pleased that Judge Orrick agreed with our opposition thereby preserving $30 million of the settlement to be distributed to class members like Stephens.
Adam Schulman: If counsel assigns work, or courts appoint attorneys, on the basis of anything other than merit, it violates the duty to pursue class members’ interests.
HLLI represents an objector challenging the fairness of a settlement that pays class counsel $76,500,000 in attorneys’ fees, and deducts $5 million more in expenses and service awards, well above the standard 25% benchmark, and much higher than the 15-20% expected in a settlement of this size.
