Kreisman Law Offices Professional Corporation
In a class action brought by Motorola investors it was maintained that during 2006, the company made false statements in order to disguise its inability to deliver a mobile phone for sale that would employ three different protocols. When it became public that Motorola could not produce the new mobile phone, its stock sank significantly.
After the lawsuit had been pending for four years, the district court denied Motorola’s motion for summary judgment. After that, the parties settled for $200 million. The class members approved the settlement, but objected to the judge’s decision to award 27.5% of the settlement to the trial lawyers who represented the class.
One of the former class members filed an objection a month after the deadline. Though he filed an objection to the award of legal fees, the objector chose not to file a claim for his share of the settlement fund. As a result, the court of appeals concluded that the objector lacked any interest in the amount of attorney fees awarded and as a result, dismissed his appeal.