The law firm representing defendant Citigroup in a class action suit over toxic assets has asked for $100M in legal fees. Ted Frank, a Citigroup shareholder and the founder of the Center for Class Action Fairness, asked for discovery, pointing out that law firms usually pay contract attorneys a whole lot less than $50 an hour for the kind of work he says was done in this case. Last week, Reuters reports, the federal judge hearing the case in Manhattan ordered the law firm to provide information about the contract attorneys. Stay tuned.
HT: ABA Journal