$173.8M In Deals OK’d To Settle Cobalt Energy Bribery Claims

Feb 2019 // Law360

Law360 (February 13, 2019, 7:12 PM EST) — A Texas federal judge approved $173.8 million in settlements of investor class action claims on Wednesday stemming from bribery allegations against now-bankrupt Cobalt International Energy Inc., plus $43.45 million in fees for co-class leads Bernstein Litowitz Berger & Grossmann, Entwistle & Cappucci and others.

U.S. District Court Judge Nancy Atlas said the request for 25 percent of the settlement funds plus just under $2 million in expenses was reasonable, considering the work they put into the case and the outcome they achieved for the plaintiffs.

“Plaintiffs’ counsel conducted the litigation and achieved the settlements with skill, perseverance and diligent advocacy,” she said.

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