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Lawyers who worked for four years litigating a class action lawsuit that resulted in the $135 million DaVita settlement have been granted $40.5 million from that deal.
On Thursday, U.S. District Judge William Martinez of the District of Colorado awarded attorney fees of 30 percent from the settlement fund, plus litigation expenses, as part of the deal ending claims health care company DaVita Inc. hurt shareholders by pressuring patients into high-cost, private insurance plans.
The DaVita class action lawsuit was filed in 2017, and accused the dialysis company of misleading investors about an alleged scheme to steer patients toward private health plans with higher reimbursement rates for DaVita’s services, Bloomberg reported.
The investors said the DaVita stock price plummeted after the alleged “scheme” was made public.
The DaVita settlement covers anyone who acquired the company’s common stock from Feb. 26, 2015, through Oct. 6, 2017.
Attorneys from Saxena White PA and Shuman Glenn & Stecker represented the lead plaintiffs, the Peace Officers’ Annuity and Benefit Fund of Georgia and the Jacksonville Police and Fire Pension Fund.
On Thursday, Judge Martinez praised the “extensive and extremely comprehensive investigation” the investors’ attorneys had done to reach the settlement, Law360 reported.
He said, over four years of litigation, lead counsel had poured in more than 31,000 hours of work, taking the risk that they would not recover any money.
He said the $135 million resolution was an “exceptional” result in terms of the dollar value secured for plaintiffs, Law360 reported.
“The $135 million recovery represents the second-largest all-cash securities class action recovery ever obtained in this district, is among the top five such settlements in Tenth Circuit history, and is more than 20 times larger than the $6.7 million median for securities class action settlements in the Tenth Circuit from 2010 to 2019,” he said.
This is not the first class action lawsuit DaVita has faced.
In 2013, DaVita was hit with four class action lawsuits alleging patients experienced negative side effects while being treated with GranuFlo or NaturaLyte products while undergoing DaVita dialysis treatments.
What do you think of this settlement? Let us know in the comments!
The plaintiffs are represented by Rusty E. Glenn and Kip B. Shuman of Shuman Glenn & Stecker and Maya Saxena, Joseph E. White III, Lester R. Hooker, Dianne M. Pitre, Steven B. Singer, Kyla Grant and Sara DiLeo of Saxena White PA.
The DaVita Securities Class Action Settlement is Peace Officers’ Annuity and Benefit Fund of Georgia, et al. v. DaVita Inc., et al., Case No. 1:17-cv-00304, in the U.S. District Court for the District of Colorado.
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3 thoughts onPayday for Class Action Lawyers Granted $40.5M for Work on $135M DaVita Settlement
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My family member experienced this while getting treatment at davita
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