How are the attorneys paid in securities class action cases?
The attorneys are usually paid in accordance with an order from the court in which the case is pending, and only if the case is successful. The judge responsible for the class action reviews a submission made by the attorneys, called a "fee petition". This petition sets forth in detail the work the attorneys have done on behalf of the class. The court then enters an order establishing the percentage of the settlement to be paid to the attorneys. Typically, this amount is about 30% of the gross settlement.
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