The opinion of the court was delivered by: GAWTHROP, III
ROBERT S. GAWTHROP, III., UNITED STATES DISTRICT JUDGE.
This 25th day of August, 1988, upon Notice and Hearing the Court finds that:
1. The plaintiffs have entered into an Agreement of Settlement with all defendants. The Agreement was initially approved by the Court on May 19, 1988. The Agreement was finally approved by Order of the Court on August 1, 1988.
2. In accordance with this Court's Order filed June 1, 1988 and pursuant to Fed. R. Civ. P. 23(e), notice was given to the members of the Class of a hearing on July 28, 1988, to consider applications for allowance of fees and expenses, as well as a proposed plan of distribution and the proposed approval of the settlement.
3. The notice informed class members of counsel's intention to seek counsel fees in an amount not to exceed 25% of the settlement fund of 4,000,000.00 plus interest, and to apply for the reimbursement of costs and expenses estimated to be approximately $ 300,000, and afforded class members the opportunity to object. The deadline for objection was July 15, 1988. No objections to either the settlement or the fee application were received.
4. A Petition for Counsel Fees and Reimbursement of Costs Disbursements, dated July 1, 1988, and affidavits in support thereof, were filed on behalf of all attorneys representing the class. The Petition requests an award of counsel fees to all counsel in the total amount of $ 1,000,000.00, representing approximately 24% of the total settlement fund, including interest, and reimbursement of cost disbursements by counsel in the amount of $ 295,762.97, including fees and expenses of $ 200,000 owed to Alan R. Hoefer for his services as an investment banker, expert witness and adviser to the Class.
6. This Court has carefully considered the Petition which is filed jointly on behalf of the following law firms that conducted and concluded the litigation successfully on behalf of the class:
II. Eugene A. Spector & Associates, P.C.
III. Garwin, Bronzaft, Gerstein & Fisher
7. Petitioners spent 2688.75 hours
prosecuting this case to a successful conclusion. Included in these hours are 2509.25 hours of attorney time and 179.50 hours of paralegal time. The value of this time, as set forth in the Petition, is $ 481,217.50 at historical hourly rates charged in entirely non-contingent cases, where counsel bear none of the risk and are paid on a current basis.
8. Counsel's time has been devoted to the investigation of the potential claim; preparation of the class action complaint; preparation of the motion for class determination and response to defendants' opposition, including extensive negotiation and briefing; preparation for several preliminary injunction proceedings; preparation of discovery demands and non-party subpoenas; review and analysis of written responses to discovery; negotiation of discovery disputes, and, where necessary, the preparation and pursuit of motions to compel discovery; preparation for and taking of approximately 16 depositions; preparation for trial of the action against all defendants; negotiation, drafting and administration of the settlement; presentation of those ...