Lieff Cabraser Heimann & Berns v. Labaton Sucharow LLP, No. 21-1069 (1st Cir. 2022)
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In this appeal arising from the post-settlement process of apportioning a $300 million recovery between a class and its lawyers the First Circuit affirmed the district court's Fed. R. Crim. P. 11(b) sanction of Leiff Cabraser Heimann & Bernstein LLP (Lieff) and otherwise dismissed as unappealable Lieff's challenges to the district court's criticisms of Lieff's actions, holding that there was no error.
Lieff served as one of the principal law firms representing a class of investors in a successful challenge to charges imposed by State Street Bank and Trust Company on foreign exchange products. The district court awarded a $60 million fee to the lawyers representing the class but formally sanctioned Lieff for engaging in misconduct without imposing any monetary penalty. The First Circuit affirmed in part and dismissed in part, holding (1) the district court did not err in sanctioning Lieff; and (2) the remainder of Lieff's allegations of error were unappealable.
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