Judge Questions Multitude of Law Firms Seeking Fees in Credit Card Settlement
A federal judge yesterday questioned why so many law firms are seeking attorney fees in a $336 million settlement of a lawsuit against Mastercard and Visa.
U.S. District Judge William Pauley seemed concerned about the number of law firms seeking fees, rather than the amount of the fee request—which is about $86 million, the New York Sun reports.
The suit had contended the credit card companies and banks had overcharged 21 million cardholders for foreign purchases. Most class members are expected to receive about $25 each, the story says.
“Can you explain to me why 31 law firms had to be involved with the plaintiffs?” he asked lawyers. Pauley said he “found a disconnect” between the number of plaintiffs groups and the number of law firms seeking payment.
Lawyer Bonny Sweeney of Coughlin Stoia Geller Rudman & Robbins told the judge that six law firms had done the bulk of the legal work in the case. The law firms are arguing high fees are justified because the case was a difficult one.
