December 15, 2022
Cohen Milstein Sellers & Toll PLLC will receive $4.25 million of a $6.25 million global settlement they brokered on behalf of investors in aircraft company Boeing who accused the company’s brass of concealing issues with its 737 Max jet, an Illinois federal judge said.
In the order, U.S. District Judge Harry D. Leinenweber said the legal team representing lead plaintiff Seafarers Pension Plan in derivative litigation against Boeing could have their requested seven-figure fee and expense award, calling the sum “fair and reasonable.” He also granted the pension plan’s request for a $15,000 service award.
The legal team requested the sum in November, telling Judge Leinenweber that the global settlement included claims that had been “vigorously contested” in Illinois, in Delaware and before the Seventh Circuit.
They added that the proposed settlement agreement also contained “valuable corporate governance benefits” that include the company revising its bylaws to allow Boeing investors to bring derivative claims in federal courts in both Delaware and the Eastern District of Virginia, where Boeing is now headquartered.
Full text of the article is available from Law360.