Weisburgh v. Fidelity Magellan
Case Date: 02/23/1999
Court: United States Court of Appeals
Docket No: 98-1902
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For the First Circuit No. 98-1902 IN RE: FIDELITY/MICRON SECURITIES LITIGATION [DIANE WEISBURGH, ETC., ET AL. v. FIDELITY MAGELLAN FUND, ET AL.]. ____________________ BERGER & MONTAGUE, P.C., ET AL., Appellants. APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MASSACHUSETTS [Hon. Richard G. Stearns, U.S. District Judge] Before Selya, Circuit Judge, Bownes, Senior Circuit Judge, and Lipez, Circuit Judge. Glen DeValerio, with whom Kathleen M. Donovan-Maher, Berman, DeValerio & Pease LLP, Stuart H. Savett, Barbara A. Podell, Savett Frutkin Podell & Ryan, P.C., Sherrie R. Savett, Gary E. Cantor, Berger & Montague, P.C., Stephen T. Rodd, and Abbey, Gardy & Squitieri, LLP were on brief, for appellants. February 23, 1999 SELYA, Circuit Judge. In certain types of complex litigation, the lawyers' monetary interests often comprise a tail that wags the dog. So it is here: this dispute over the reimbursement of certain payments fronted by the lawyers is what remains of a consolidated class action (actually, an amalgam of some 16 suits) asserting claims of securities fraud. After the district court approved a global $10,000,000 settlement, the plaintiffs' attorneys filed a petition seeking 30% of the common fund in fees and approximately $277,000 in out-of-pocket expenses. The district court awarded the movants 17 |