According to a report that NERA Economic Consulting released yesterday, plaintiffs firms that handle securities class actions last year collected fees and federal court-related expenses amounting to $653 million, a 4 percent increase from 2011. The fees were awarded out of the $3.3 billion recovered in class actions in 2012. Additionally, the report found that aggregate settlement amounts increased by 22 percent from 2011.
Last year’s largest fee award stemmed from a 2004 case against American International Group that resulted in two partial settlements totaling $822.5 million. In that case, the court awarded more than $100 million in fees to plaintiffs firms led by Labaton Sucharow and Hahn Loeser & Parks.