Attorneys representing investors in a securities dispute involving Malibu Boats Inc. have been awarded $2.34 million in legal fees, along with reimbursement of more than $115,600 in litigation expenses, following approval of a settlement tied to claims that the company overstated its financial resilience after the pandemic-driven boating demand surge.
The award was issued in a Tuesday order by U.S. District Judge Lorna G. Schofield of the United States District Court for the Southern District of New York. The judge approved the legal team’s request to receive 30% of the $7.8 million settlement fund, ruling that the compensation was fair and consistent with fee structures seen in comparable class action resolutions.
The court described the requested amount as reasonable, noting that the reimbursement claim represented less than 1.5% of the overall settlement value. Judge Schofield also granted a separate $1,500 reimbursement to the lead plaintiff, the Retiree Benefit Trust of the City of Baltimore, covering participation-related costs.
