A recent NLJ story, “Judge Grants Final Approval of $25.5M Settlement in Shareholder Case,” reports that U.S. District Judge Dale Fischer in Los Angeles has granted final approval of a $25.5 million settlement that resolves shareholder claims against Toyota over alleged misstatements regarding its 2010 recalls because of sudden acceleration defects.  At a March 11 hearing Judge Fischer planned to approve the deal, which includes nearly $4.25 million in attorney fees and expenses.  She has not issued a final written order.

In court filings, lead plaintiff counsel Blair Nicholas, of Bernstein Litowitz Berger & Grossman in San Diego wrote that the settlement’s benefits—more than 20 percent of an estimated $124 million in potentially recoverable damages—significantly outweighed the risks.

The settlement, plus interest, was deposited into an escrow account on January 15. Nicholas estimated that his firm obtained 6 million pages of documents, took 10 depositions and expended more than 17,000 hours on the case—a total cost of more than $6.5 million in fees and $1.35 million in expenses. 

The nearly $2.9 million in requested fee constitutes 12 percent of the settlement fund, Nicholas wrote.  His firm also is asking for $1.35 million in expenses, plus interest, and $85,900 in reimbursement costs for his client.