The plaintiffs brought a motion to approve a US$90 million settlement of a class action against the defendant auditors for alleged negligence and misrepresentation in auditing a company's financial statements.
The court considered the significant litigation risks, the defences advanced, and the depletion of the defendants' insurance coverage.
Finding the settlement fair, reasonable, and in the best interests of the class, the court approved the settlement.
The court also approved class counsel's contingency fee request of approximately $21.9 million, noting the substantial risk undertaken and the successful result achieved after 17 years of litigation.
