The plaintiff in a proposed securities class action moved for certification for settlement purposes, approval of a partial settlement with the auditor defendant, dismissal of the action against individual defendants, and approval of class counsel fees.
The action alleged misrepresentations in the corporate defendant's financial statements.
The court approved the $1 million (USD) settlement with the auditor, finding it fair and reasonable, particularly given the statutory liability limits for experts.
The court also approved the dismissal against the individual defendants and class counsel's fee request of 30% of the settlement funds plus disbursements.
