Tuesday, March 9, 2010
CCAF wins $2 million victory for consumers: perhaps more to come
We had objected to the Lonardo v. Travelers settlement for its disproportionate ratio of class benefits to attorneys' fees. On the eve of the fairness hearing, the parties modified the settlement so that class members who filed claims would get an additional $2 million, all of which would come out of the requested attorneys' fee—no small potatoes when only $2.8 million in claims were made. Still, we're talking about a settlement where the class gets $4.8 million and the attorneys get $4.6 million, so we renewed our objection today.