Declaration of Brian C. Kerr ISO Plaintiffs - Gilardi & Co, LLC

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29. After agreeing to the terms set forth in the MOU, the Parties negotiated the
amount of attorneys’ fees and costs that Plaintiffs’ Counsel could request this Court to award to
them as their fees and costs in connection with all of the Actions. As a result of those
negotiations, the Parties agreed that Plaintiffs’ Counsel may apply for an award for attorneys’
fees and expenses in the aggregate amount of $550,000.
30. When Plaintiff’s counsel undertook this case, they knew that they would be
devoting many hours of hard work to the prosecution of a difficult case, without any assurance of
receiving any fees or even reimbursement for their out-of-pocket expenses.
31. In prosecuting this case, Plaintiffs’ Counsel expended an aggregate of 660.2 hours
at their current hourly rates. Plaintiffs’ Counsel incurred aggregate costs of $30,604.69
associated with the prosecution of this litigation. A reasonable lodestar calculation therefore
totals $389,348.50.
32. In my experience, the fee of $550,000, which includes expenses and which was
negotiated at arm’s-length between the parties to this case, is a fair and reasonable fee for a hardfought
case of this nature.
OBSERVATIONS CONCERNING THE SETTLEMENT
33. Plaintiffs’ Counsel are experienced in complex litigation such as this and have
been appointed as lead counsel in numerous nationwide class actions. Plaintiffs’ Counsel have a
successful track record in litigating major class actions and merger and acquisition litigation
matters.
34. In light of this extensive experience, Plaintiffs’ Counsel believes that the
Settlement is fair, reasonable, and adequate, and in the Class’ best interest, and that the benefits
secured by the Settlement far outweigh the risks, delays and costs of continued litigation.
35. Both the litigation and the negotiations surrounding the settlement were intensive
and hotly contested. There was no fraud or collusion in this action.
36. Although the November 2, 2012 deadline for objections has not yet passed, to
date, no objections to the Settlement or the negotiated amount of attorneys’ fees and expenses
have been received by Plaintiffs’ Counsel, and none appear to have been filed with the Court.
- 9 -
DECLARATION OF BRIAN C. KERR ISO MOTION FOR FINAL APPROVAL OF CLASS SETTLEMENT
AND AWARD OF ATTORNEYS’ FEES AND EXPENSES