Enron investors' lawyers to get $688mn

NEW YORKK: Lawyers representing investors in collapsed energy firm Enron Corp will get about $688 million in fees for recovering $7.2 billion from its lenders, auditors and directors, court documents revealed. In a ruling on Monday, Judge Melinda Harmon of the United States District Court in Houston said lead counsel Coughlin Stoia Geller Rudman & Robbins "performed with an extraordinary level of skill and negotiating prowess." A lawyer for the firm told the court in February that his firm deserved a record $700 million in fees due to the complexity of the case, which has lasted six years. But other lawyers had said the legal bill was too high, arguing more money should go to investors. In the ruling seen on Wednesday, the court concluded that the firm's blended 9.52% fee was fair and reasonable. Judge Harmon also approved a settlement distribution plan, in which the law firm would begin to hand out money to plaintiffs by the end of the year. Houston-based Enron collapsed in a maze of debt and accounting fraud in 2001, costing employees, retirees and investors billions in losses in pensions and investments.

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