The plaintiffs brought a motion for approval of a settlement in a certified securities class action, approval of class counsel's fees, and payment of honoraria to the representative plaintiffs.
The action alleged misrepresentations and failure to disclose material changes regarding a major contract.
The court reviewed the proposed settlement of USD$3.5 million, the requested class counsel fees of 30% of the recovery, and the honoraria.
Applying the relevant legal tests, the court found the settlement to be fair, reasonable, and in the best interests of the class, and approved the settlement, fees, and honoraria.