They are, Frederick P. Furth, Stanley M. Grossman, Michael D. Hausfeld, Robert N. Kaplan, Christopher Lovell and Robert A. Skirnick. One effect of the formula, the experts said, is to reduce the attractiveness to the plaintiffs' lawyers of a quick settlement, for which they might ordinarily do little work but get a big fee. There are no set fees in class action cases. Judges commonly award lawyers 10 to 30 percent, but the lawyers do not know the amount going in, creating uncertainties for lawyers and clients alike. In class-action suits, where many, plaintiffs sue collectively, lawyers.
Lead counsels shoulder the bulk of the work and also commonly reap the largest fees.
Judge Kaplan assured the lawyers that if he decided not to go ahead with his bidding formula, he would not reveal the bids. He also ordered them not to discuss their positions among themselves or try to rig their bids.