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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 settlement fund, costs of $169,749.09, and costs of $7,251.85 for Lead Plaintiffs, with interest earned thereon at the same rate and for the same period as that earned on the settlement fund until paid in full. 1. Attorneys’ Fees Case 3:10-cv-00132-RCJ-WGC Document 117 Filed 10/16/12 Page 5 of 7 The common fund doctrine permits sharing of the burden of the litigation expenses among those who are benefited by the litigation. Paul, Johnson, Alston & Hunt v. Graulty, 886 F.2d 268, 271 (9th Cir. 1989). The Ninth Circuit approved both a “percentage of the funds” method and the “lodestar method,” but found that under some circumstances the percentage method is preferable because it is simpler to calculate. Id. at 272. The Ninth Circuit found that under the percentage method, fee awards ordinarily range from twenty to thirty percent of the fund created. Id. Twenty-five percent should be the “bench mark” percentage, but the district court may adjust upward or downward to account for the circumstances in each case. Id. In In re Activision Securities Litigation, the district court concluded that the “better practice” would be to use the percentage method and that the benchmark should be thirty percent rather than the twenty-five percent recommended in Paul, Johnson. In re Activision Sec. Litig., 723 F.Supp. 1373, 1377-79 (N.D. Cal. 1989). The Activision court found that a review of several reported cases disclosed that “nearly all common fund awards range around 30% even after through application of either the lodestar or twelve-factor method.” Id. at 1377. In this case, thirty percent of the Settlement Amount does not seem an extraordinary or extravagant fee for counsel. Plaintiffs’ counsel have litigated this case for more than two years without recompense until now, and have achieved a favorable settlement of approximately 21.5 percent of maximum damages. No objections regarding the settlement or the requested attorneys’ fees have been filed by any class member. Counsel litigated complex issues of accounting rules and stock market behavior. Furthermore, Plaintiffs’ counsel shouldered the risk of non-payment by taking the class action suit on a contingency fee basis. “It is an established practice in the private legal market to reward attorneys for taking the risk of non-payment by paying them a premium over their normal hourly rates for winning contingency cases.” In re Washington Pub. Power Supply Sys. Sec. Litig., 19 F.3d 1291, 1299 5PDF Image | Lawsuit Ormat Technologies
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