In Arkansas Teacher Retirement System v. State Street Corporation, — F.4th —-, 2022 WL 391450 (1st Cir. Feb. 9, 2022), the First Circuit Court of Appeals upheld a district court’s sanction of law firm Lieff Cabraser Heimann & Bernstein LLP (“Lieff Cabraser”) related to class action attorney’s fees.
Lieff Cabraser, along with several other firms, represented a class of investors in a challenge to charges imposed on foreign exchange products. After years of litigation and mediation, the parties reached a settlement of $300 million. Relying on representations made by class counsel, the district court awarded class counsel almost $75 million—roughly 25% of the total settlement.