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Jeld-Wen Lawyer Fee Request Class Action Lawsuit Overview:
- Who: Lawyers for a Class of investors have asked for their cut of a $40 million settlement between the shareholders and Jeld-Wen Inc.
- Why: Lawyers are asking for a quarter of the $40 million class action settlement, in addition to $1.2 million in expenses, before interest.
- Where: The lawyer’s request was made in Virginia federal court.
Lawyers have asked a federal judge for a quarter of a $40 million class action settlement agreed to between door maker Jeld-Wen Inc. and stockholders who alleged it obscured how much damage losing a rival’s antitrust suit could cause.
Attorneys from Robbins Geller Rudman & Dowd LLP, Cohen Milstein Sellers & Toll PLLC, and Labaton Sucharow LLP also asked for $1.2 million in expenses, with interest.
The class action settlement was first revealed back in June after investors alleged the company’s stock dramatically fell after the company disclosed it had $76.5 million in liability to Steves and Sons Inc., a competitor.
The plaintiffs lawyer’s request comes as litigation wraps up between Jeld-Wen and the shareholders.
“Class counsel’s efforts to date have been without compensation of any kind and the fee has been wholly contingent upon the result achieved,” the lawyers said. “Through class counsel’s significant amount of work, they demonstrated that they were prepared to take this case through trial if defendants failed to agree to a resolution that provided fair, reasonable and adequate relief to the class.”
Lawyers are also seeking 28,000 for each of the plaintiff Class representatives, which includes the Plumbers and Pipefitters National Pension Fund, the Public Employees’ Retirement System of Mississippi, and the Wisconsin Laborers’ Pension Fund.
Lawyers argue they worked hard and overcame a tough legal defense to achieve the $40 million settlement for the plaintiffs.
“The $40 million all-cash recovery was achieved through the skill, experience and effective advocacy in the face of considerable risk and an aggressive defense mounted by defendants represented by four of the largest and most sought-after defense firms in the country,” the lawyers said.
Jeld-Wen was involved in a separate class action settlement worth $61.6 million earlier this year to settle claims it, along with a codefendant, worked together to fix prices on interior molded doors.
Do you believe the lawyers should be entitled to the fees they are requesting? Let us know in the comments!
The investors are represented by Debra J. Wyman, Robert M. Rothman, William J. Geddish, Francis P. Karam, and Magdalene Economou of Robbins Geller Rudman & Dowd LLP, James W. Johnson, Michael H. Rogers, James T. Christie, and Philip J. Leggio of Labaton Sucharow LLP, and Steven J. Toll and Joshua Handelsman of Cohen Milstein Sellers & Toll PLLC.
The Case is In re: Jeld-Wen Holding Inc. Securities Litigation, case number 3:20-cv-00112, in the U.S. District Court for the Eastern District of Virginia.
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