Activision $275 million Shareholder Settlement Includes $72 Million for Lawyers
A Delaware judge on May 20 approved a $275 million shareholder settlement involving videogame maker Activision Blizzard Inc. and awarded the small law firms that brought the case a $72.5 million fee, Reuters reports.
The company, which develops the “Call of Duty” game, agreed to the settlement last year, which ended a shareholder lawsuit challenging Activision’s $8 billion deal to acquire its stock held by French conglomerate Vivendi SA. The lawsuit alleged that Activision’s chief executive and co-chairman benefited unfairly from the deal, and the settlement barred them from gaining control of Activision, Reuters reports.
Four-attorney firm of Friedlander & Gorris of Wilmington, Delaware and six-lawyer firm Bragar Eagel & Squire of New York led the plaintiffs’ case.
The fee award for the small law firms works out to $9,500 an hour, according to court records.
