In a recent decision, a federal judge in Massachusetts awarded $1 million to plaintiff’s counsel following the approval of a no payment shareholder derivative settlement against a renewable energy company’s board of directors and executives. The fee was allocated to Thomas J. McKenna of Gainey McKenna & Egleston in New York and local attorney Michael P. Utke. The plaintiff emphasized the significant benefits the settlement reforms would bring, including the establishment of a new audit committee and the addition of an independent director to the board, among other measures.
For further details on the ruling and the implications for shareholder derivative actions, you can read more about the case here.