WILMINGTON, Del., Aug. 3, 2010 (GLOBE NEWSWIRE) -- A federal class action lawsuit has been commenced against a law firm that represented Tyco investors in securities litigation that produced a $3.2 billion settlement in 2007.
The complaint alleges that Grant & Eisenhofer, P.A. and Jay W. Eisenhofer, Esq. entered into a fee agreement in 2004 that limited any fee request to 7.8% of the $3.2 billion settlement. However, Eisenhofer and his firm instead requested a fee of 14.5% in 2007 and omitted the fee agreement from their fee request. Unaware of the fee agreement, the court awarded more than $460 million to the plaintiffs' lawyers, over $215 million more than the maximum fee under the undisclosed agreement.
The complaint seeks damages for breach of contract, breach of fiduciary duty and legal malpractice.
If you submitted a claim in the Tyco securities litigation, you may be a member of the putative class. Class action litigators Joseph N. Gielata and Thomas C. Cronin intend to seek certification of the class described in the complaint.
For a copy of the complaint or for more information, please contact:
Joseph N. Gielata, Esq.
(302) 507-4400
attorney@gielatalaw.com
2115 Concord Pike, Suite 205
Wilmington, Delaware 19803
www.gielata.com
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