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In re Cendant Corp. Litigation
United States Court of Appeals for the Third Circuit
264 F.3d 201 (2001)
Cendant Corp. (defendant) reached a settlement agreement with CalPERS (plaintiff), the lead plaintiff in a class action securities lawsuit against Cendant. Cendant challenges the award of $262 million in attorney’s fees granted to CalPERS attorneys. CalPERS’ attorneys were originally selected by CalPERS, but the district court ruled that in a class action suit, the attorneys for the class must be selected through an auction. CalPERS’ selection for attorneys ultimately won the lowest bid at auction, however, the attorney’s fees award was over $70 million higher than the bid offered by the attorneys in question.
Rule of Law
Holding and Reasoning (Becker, J.)
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