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A Fiduciary Judge's Guide To Awarding Fees In Class Actions, Brian T. Fitzpatrick
A Fiduciary Judge's Guide To Awarding Fees In Class Actions, Brian T. Fitzpatrick
Vanderbilt Law School Faculty Publications
It is often said that judges act as fiduciaries for the absent class members in class action litigation. If we take this seriously, how then should judges award fees to the lawyers who represent these class members? The answer is to award fees the same way rational class members would want if they could do it on their own. In this Essay, I draw on economic models and data from the market for legal representation of sophisticated clients to describe what these fee practices should look like. Although more data from sophisticated clients is no doubt needed, what we do …
Distributing Attorney Fees In Multidistrict Litigation, Edward K. Cheng, Paul H. Edelman, Brian T. Fitzpatrick
Distributing Attorney Fees In Multidistrict Litigation, Edward K. Cheng, Paul H. Edelman, Brian T. Fitzpatrick
Vanderbilt Law School Faculty Publications
As consolidated multidistrict litigation has come to dominate the federal civil docket, the problem of how to divide attorney fees among participating firms has become the source of frequent and protracted litigation. For example, in the National Football League (NFL) Concussion Litigation, the judge awarded the plaintiff attorneys over $100 million in fees, but the division of those fees among the twenty-six firms involved sparked two additional years of litigation. We explore solutions to this fee division problem, drawing insights from the economics, game theory, and industrial organization literatures. Ultimately, we propose a novel division method based on peer reports. …