ARNOLD F. SOCK, Attorney at Law, Opines on: Bid for $8.25 Million in Attorney's Fees for Fitbit Investors' Lawsuit is Pronounced
A California federal judge on last Friday approved a $33 million class action settlement resolving allegations that Fitbit Inc. hid problems with its fitness trackers, and also artificially inflated its stock price. However the judge held off on awarding $8.25 million in attorneys’ fees, commenting that the the amount “might be a little rich for this case.”
During a hearing in San Francisco, U.S. District Judge Susan Illston said she thinks the $8.25 million in attorneys’ fees, which represents 25 percent of the settlement, might be too large (Fitbit Securities Litigation Case No. 16-cv-00151-SL).
It could be.
Opinion by ARNOLD F. SOCK, Attorney at Law.