The plaintiffs brought a motion for settlement and fee approval in a certified class proceeding against the defendant developer regarding abortive purchases of hotel condominium units.
The court approved the $5.75 million settlement as fair and reasonable, noting it was a modest success given the litigation risks.
The court also approved class counsel's fee of $2.2 million, with $1.25 million payable immediately and a $950,000 holdback pending final distribution.
A motion by former, disqualified class counsel to approve a fee-sharing agreement with current class counsel was dismissed, as the former counsel had been disqualified, assumed no ongoing risk, and provided no services under the current retainer.