The plaintiff sought approval of a $7 million settlement and class counsel fees in a class proceeding against an insurance company regarding the performance of an investment fund.
The action, which spanned 20 years, involved claims of breach of contract and negligent misrepresentation.
The court found the settlement to be fair, reasonable, and in the best interests of the class, given the significant litigation risks.
The court also approved class counsel's 30% contingency fee, noting the high risks undertaken and the good result achieved for the class.
