According to Friday’s order, the plaintiffs included with their amended motion a declaration from interim co-lead counsel J. Gerard Stranch IV of Stranch Jennings & Garvey PLLC to establish the hours and applicable lodestar for class counsel; a declaration of Brian T. Fitzpatrick, a professor at Vanderbilt University; and a declaration of Frank L. Watson of Watson Burns LLC, who is not part of this case, to establish local fee rates.
Based on those affidavits, Judge Lipman found the proposed fee rates — between $325 and $1,430 based on seniority and experience of the attorneys — and the amount of hours — approximately 6,100 hours on the case as of October — to be reasonable, resulting in a base lodestar of $4.9 million.
The judge further found that it was reasonable to award a multiplier to bring that total to $10 million as requested, given the uncertainty of prosecuting the case, the value the settlement gives to class members and the risks associated with the counsel undertaking the case on a contingency basis, as well as rewarding their work on and expertise in the complex litigation.
