Investors’ Attorneys In Cobalt Bribery case Seek $43.5M in Fees

Jan 2019 // Law360

Law360 (January 10, 2019, 5:34 PM EST) — Attorneys asked a Texas federal court on Wednesday to award them $43.45 million in fees for securing $173.8 million total for investors who brought allegations involving a potential foreign bribery scheme by now-bankrupt Cobalt International Energy Inc.

The requested amount represents 25 percent of the value of three settlements the attorneys have secured for investors and is in line with what courts in the Fifth Circuit “regularly award” in similar cases, the attorneys said. The settlements, which have all been preliminarily approved, would resolve allegations that the value of investors’ Cobalt stock declined after the company disclosed federal investigations into potential violations of the Foreign Corrupt Practices Act and federal securities laws.

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