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In re Activision Securities Litigation

723 F. Supp. 1373 (1989)

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In re Activision Securities Litigation

United States District Court for the Northern District of California
723 F. Supp. 1373 (1989)

Facts

A group of plaintiffs (the class) (plaintiffs) brought a class-action lawsuit against Activision, Inc. (defendant), alleging that Activision’s officers, directors, underwriters, accountants, and others had committed securities fraud. After three years of pretrial proceedings and discovery, just as trial was set to begin, the parties negotiated a settlement. The settlement agreement provided for a common-fund arrangement, meaning that Activision was to establish a settlement fund from which payments to class members, attorney’s fees, and expenses would be deducted. Class counsel submitted an application to the trial court for attorney’s fees and expenses, supported by billing records, affidavits, and other documentation. A special master analyzed the application and recommended awarding the attorneys roughly $1,161,000 in attorney’s fees and nearly $400,000 in expenses. The recommended attorney’s fees represented 22 percent of the settlement fund, and the total recommended award of fees and expenses represented 32.8 percent of the settlement fund. The trial court considered the special master’s recommendation and determined whether to award the fees and expenses.

Rule of Law

Issue

Holding and Reasoning (Patel, J.)

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