The Blog Formerly Known As Practical Paralegalism
Judge Albert Diaz heard from angry former Wachovia shareholders in N.C. Business Court today and expressed his own concerns about the amount of attorney fees requested by New York law firm Wolf Popper, which represented the shareholders in a class-action lawsuit regarding the bank’s merger with Wells Fargo. The same firm is now proposing a settlement which will pay Wolf Popper almost $2 million in legal fees – but pay nothing to the shareholders.
Diaz also addressed the concern about the money Wolf Popper is seeking for in fees. A court filing in support of the firm’s bill shows it is charging $1.3 million in labor costs, including attorneys charging more than $700 per hour and paralegals billing at $275 per hour.
“There are good lawyers in Charlotte who don’t make that much,” Diaz said of the paralegal fees.