rates of $200 for partners, $135 for associates and $50 for paralegals).
Nevertheless, counsel are entitled to reasonable fees reflecting their
time and effort expended in this case. In addition, "the fact that any
reasonable fee would necessarily represent a negative multiplier of the
lodestar supports an award at the higher end of the spectrum." Id. at
*8. Accordingly, the Court awards to counsel 25% of the recovery, the
total sum of $550,000. However, because counsel will not seek a fee based
on Embryo's payment of $75,000 until June 26, 2003, the Court awards
counsel an amount of $531,250 at this juncture, in addition to an amount
of $18,750 after Embryo makes its final payment.
E. Reimbursement of Litigation Expenses
Counsel are entitled to reimbursement for reasonable litigation
expenses. See Miltland Raleigh-Durham v. Meyers, 840 F. Supp. 235, 239
(S.D.N.Y. 1993) ("Attorneys may be compensated for reasonable
out-of-pocket expenses incurred and customarily charged to their
clients, as long as they `were incidental and necessary to the
representation' of those client."). Although the actual amount of
litigation expenses was $147,439.50, Counsel request a reduced amount of
$100,000 for such expenses. Given the length of this litigation, most of
the litigation expenses appear reasonable. Accordingly, the Court awards
counsel $100,000, the full amount requested, as reasonable litigation
expenses in this matter.
Based on the foregoing, it is hereby
ORDERED, that Krasnoff's motion for reconsideration of the Court's
October 1, 2002 order granting class action treatment is DENIED; and it
ORDERED, that the parties are to take such action as is consistent with
the October 1, 2002 order; and it is; and it is further
ORDERED, that the Partial Settlement Agreement is approved; and it is
ORDERED, that judgment be entered dismissing the complaint against the
settling defendants on the merits and with prejudice subject to the terms
of the Partial Settlement Agreement; and it is further
ORDERED, that the allocation plan is approved; and it is further
ORDERED, that counsel for the plaintiffs be awarded attorneys' fees of
25% of the settlement; and it is further
ORDERED, that counsel for the plaintiffs are to be awarded attorneys'
fees in the sum of $531,250 at this juncture; and it is further
ORDERED, that after Embryo's final payment of $75,000 is made on or
before June 26, 2003, counsel for the plaintiffs are to be awarded an
additional sum of $18,750 for attorneys' fees based on such payment; and
it is further
ORDERED, that counsel for the plaintiffs be awarded litigation expenses
of an amount of $100,000; and it is further
ORDERED, that counsel for the plaintiffs are directed to file a
complete amended caption with the Court within 10 days of this decision.
© 1992-2003 VersusLaw Inc.