Letter arrived yesterday. Holty had provided me a copy earlier.
No financial information was disclosed. It's hard to hide settlements in financial statements, especially if they are designed not to be made public.
I've seen some settlements result in recoveries equal to one-third of the claim.
If special litigation counsel was handling the case on a contingency fee basis, there are normally two fee rates. One rate, say 25%, depending if the case is settled before going to trial, and another rate, maybe 33%, if the case goes to trial. Rates vary.
I seen all sorts of sad outcomes for plaintiffs in wins. The law firms always get paid first.
In the Temecula Valley Bank case, a settlement was reached with FDIC on the first day of trial just before it started. The firm received the full fee. The bankruptcy judge said there was nothing they could do during the fee hearing.
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