pThree Canadian law firms failed to persuade an appeals court to double the C$6.3 million ($5.9 million) fees awarded by a trial judge after settling a group lawsuit against Atlas Cold Storage Income Trust.
/ppSutts Strosberg LLP, Koskie Minsky LLP and Groia amp; Co. had sought C$12 million in fees, which they said they were entitled to because they had a contingency agreement with shareholders who sued Atlas, an operator of refrigerated warehouses, in 2004 for overstating its earnings in 2001 and 2002. /ppAtlas agreed to settle the class-action suit by paying C$40 million, which paid shareholders as much as C$4.50 for each share they held. Ontario Superior Court Judge Joan Lax in a Feb. 12 ruling concluded that the lawyers couldn’t justify payment for 7,400 hours billed for a three-day pleading motion, preparation for a certification motion that was never argued and three days of mediation.
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