The Third Circuit today upheld class treatment of an antitrust case that alleged bid-rigging by insurance brokers and carriers. The panel also okayed two settlements — one for $121,800,000 and the other for $28,000,000 — and a fee-and-expense award of $29,500,000 to class counsel. In re Ins. Brokerage Antitrust Litig., No. 07-1759 (3d Cir. Sept. 8, 2009).
The $25 million fee compares to a lodestar of almost three times that — more than $74 million.